Jack Dorsey is the CEO of Block, a business ecosystem that enables many to access payment infrastructure.
TBD, among other businesses in the Block ecosystem, was defined by TBD Chief Operating Officer Emily Chiu at the African Bitcoin Conference in Ghana as a project based on the vision of harnessing the power of decentralized technology to return ownership and control to everyone. their data, finances and identity.
Highlighting the focus of building Block, Emily said: “We’re rewriting the Internet by creating an open source infrastructure that will enable the next wave of incredible apps for developers.” He added that TBD has a team of pragmatists trying to solve real problems for real people.
Block is working on building a decentralized identity layer for the Internet and creating its own open source custodial wallet. Additionally, Emily noted that part of Block’s portfolio includes lightning infrastructure in the form of a lightning service provider. “We’re thinking about all the hard technology that can connect everyone in the global economy who wants to participate,” he said.
With TBD and TBDex, a liquidity protocol that allows people to hold either Bitcoin or Stablecoin using a decentralized identity custodial wallet, individuals can ramp in or out at will. According to Emily, the on-ramp and off-ramp features are among the things that TBD’s Web5 emphasizes on enabling, despite the complexities involved.
Bitcoin seeks to empower global access to decentralized financial systems, especially for people who are locked out of their traditional finances. Emily affirmed that TBD is catalyzing the technologies that will provide the fundamental tools needed to participate in the economy and allow developers to build.
He explained that these technologies will enable a world where you can go online with a smartphone (most of the unbanked have a smartphone) and download your own custodial wallet, be able to send and receive bitcoin, and access global commerce. .
Looking at continents, about 30% of GDP comes in the form of personal transfers, Emily emphasized. He noted that transfers in Block and TBD are among the most exciting and engaging use cases they are building.
He revealed that the company has demonstrated the first Proof of Concept in Latin America using USDC and cryptos as payment rails. Additionally, TBD is trying to replicate the proof of concept in other countries.
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