Wednesday, May 14, 2024, Extremes – Tech Labari was invited to a media roundtable with TBDwhich is a part of it block (creators of the Cash App), to discuss their recent collaboration Chipper Cash which was added to them tbDEX Ecosystem.
We talked to Maijid Moujaled (Co-Founder of Chipper Cash) and members from Team TBD, incl Mike Brock (TBD CEO), about the partnership, tbDEX protocol details and more.
Details
TBD yesterday announced its partnership with Chipper Cash, an African fintech company that enables 5 million consumers to transfer money efficiently in over 21 African countries.
At the roundtable, we discussed details of the partnership, how Chipper Cash would use the tbDEX protocol for its cross-border operations, and other advantages the protocol has, such as efficiency and speed of transactions.
What is the tbDex protocol?
The tbDEX protocol is an open financial protocol developed by TBD. The protocol allows value to be moved anywhere around the world more efficiently and economically than is possible in traditional financial systems.
The protocol can be compared to the “email” protocol that allows emails to move from a sender to a recipient.
Benefits of the Protocol
At the roundtable, the group discussed the benefits and prospects of the protocol, including lower fees compared to traditional methods such as SWIFT and bank transfers.
They also stated that the simple implementation of the protocol and the fact that it was open source, meaning that all interested parties, including banks and fintechs, could use it for specific case studies, including cross-border payments, and even internal transport.
By The Numbers
According to World Bank data, remittances to Africa are high with Nigeria receiving about $20 billion in 2023. This presents an opportunity for remittance companies to transfer money from the US and other countries to the African region.
Using the tbDEX protocol could reduce fees associated with remittances to the continent.
Follow us on our WhatsApp channel, Twitterand Instagramand subscribe to our weekly newsletter to make sure you don’t miss any news.
Related