Square's Bitcoin business TBD introduces new liquidity protocol

Square's (NYSE:SQ) crypto and decentralized finance business arm TBD releases a whitepaper on its new liquidity protocol dubbed tbDEX. At its core, tbDEX protocol facilitates the formation of networks of mutual trust between counterparties that are not centrally controlled, according to the whitepaper. Recall towards the end of October, TBD Leader Mike Brock said the company will release a whitepaper on Friday. In July, Square (SQ) CEO Jack Dorsey announced his company is creating TBD, which is "focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services," he said Via tweet. "Our primary focus is #Bitcoin." Specifically, since there is no governance token, tdDEX protocol enables participants to negotiate trust directly with each other, with transaction costs driven by risk. "Transaction cost will be higher; at maximum disclosure, they should be lower," TBD says in a release.