✍️ Square’s Jack Dorsey Publishes White Paper for Decentralized Bitcoin Exchange

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Square’s Jack Dorsey Publishes White Paper for Decentralized Bitcoin Exchange

Jack Dorsey

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Payments giant Square has published a white paper on November 19,  providing details about a new decentralized protocol for exchanging digital and other assets known as tbDEX.

Jack Dorsey, the CEO of Square, who is also the CEO of Twitter, announced the company’s plan to create an open developer platform for a decentralized bitcoin exchange.

“The tbDEX protocol facilitates decentralized networks of exchange between assets by providing a framework for establishing social trust, utilizing decentralized identity (DID) and verifiable credentials (VCs) to establish the provenance of identity in the real world,” the company wrote in the white paper’s abstract.

Square’s tbDEX will not release a governance token, as unlike most of the DEXs or decentralized exchanges, the platform will not be based on the trustless model.

Jack Dorsey-led Square has been part of the payment revolution, making it easier for people to send cash from their bank accounts or small vendors to take credit card payments.

And, tbDEX will help the company to further extend this mission into the crypto space as customers wouldn’t be sending cash held in bank accounts but from crypto wallets owned by them.

Ford And Rivian Decide to Discontinue Joint Development Effort to Produce an Electric Vehicle

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Leading automaker Ford has canceled plans to build an electric vehicle with startup EV maker Rivian, the companies confirmed on November 19.

The automakers had initially announced the development of a joint vehicle when Ford had invested $500 million in Rivian in 2019.

The two companies had said that it would be Ford’s luxury Lincoln brand; however, they canceled the plan last year.

At that time, Ford said that both the companies would still seek other opportunities to collaborate with one another. But now, even those plans have been canceled, according to Ford CEO, Jim Farley.

One of the reasons Farley gave for scrapping off the EV collaboration was the complexity of combining Rivian’s electric architecture with Ford’s own software.

“When you compare today with when we originally made that investment, so much has changed: about our ability, about the brand’s direction in both cases, and now it’s more certain to us what we have to do. We want to invest in Rivian — we love their future as a company — but at this point, we’re going to develop our own vehicles,” Farley told Automotive News, which first reported the collaboration was canceled.

US Banks Directed to Report Cybersecurity Incidents

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The banking regulators of the United States have directed banks in the U.S. to report any major cybersecurity incidents to the government within 36 hours of discovery.

If the results of cybersecurity attacks last for over 4 hours, the banks will also have to inform their customers about it.

The rule received the green light from the Federal Reserve, and Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation.

Before this new rule, there were no requirements about how soon banks should report the cybersecurity attacks.

Israeli Smart Dash-Cam Manufacturer Nexar Raises $53 Million

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Israel-based AI-powered computer vision startup, Nexar, has raised $53 million in its Series D funding round.

The funding was led by Qumra Capital and also saw participation from State Farm Ventures, Catalyst Investments, Banca Generali, Valor, as well as previous investors Atreides Management, Corner Ventures, Regah Ventures, Aleph, among others.

Founded in 2015, Nexar is the leading provider of crowd-sourced visual data and with their data from hundreds of thousands of dashcams across the US and globally.

The company uses the footage it collects to create an AI-digital twin of U.S. roads and their surroundings.

Nexar has developed a portfolio of vision-based data services for public and private sector partners to make roadways safer and more efficient.

In the past five years, Nexar has worked on its vision of improving driving safety by helping government and private organizations to better understand the road system and make the necessary adjustments.

This funding round will help Nexar to further grow its vision to help drivers drive safer and help cities turn digital.

Around the Web

⚽ Manchester City Suspends Partnership With Cryptocurrency Startup 3Key: Manchester City, the English Premier League football club has suspended its partnership with a startup crypto firm 3Key. The club has suspended the partnership after seemingly not doing its due diligence prior to signing.

? Otter.ai is Limiting Its Free Plan to 30-Minute Transcriptions: Otter.ai is adding new limitations to the free Otter Basic plan on the subscription service from December 1. This move will limit free users to 30-minute transcripts from 40 minutes currently.


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