press launch
PRESS RELEASE. Tel Aviv – July 27, 2021 – Kirobo, a blockchain know-how firm, has launched its ‘P2P Swap Button’, a decentralized instrument permitting cryptocurrency customers to execute token swaps with out having to make use of an trade or custodial third celebration.
By taking the swap off-exchange, the instrument permits customers to determine their very own costs for his or her tokens and transact immediately with friends. Because of this, slippage is prevented fully.
Asaf Naim, co-founder and CEO of Kirobo, mentioned: “Till now, it wasn’t attainable to execute a swap with out dropping cash, as a result of trade algorithms regulate token costs in accordance with the quantities put up on the market. We’re permitting folks to commerce with out an trade and to set their very own costs, with full safety, for the primary time ever.”
Kirobo’s secure switch platform secures transactions with an authentication key, the part components of that are divided between the primary celebration, the good contract, and the Kirobo server. There’s no single level of failure, and Kirobo doesn’t maintain customers’ funds at any level.
Token swaps are a key characteristic of the cryptocurrency ecosystem, permitting folks to diversify their portfolios and assist new DeFi initiatives. Beforehand, customers had no selection however to undergo an trade or custodial OTC celebration to keep away from the inevitable problems brought on by two-way cryptocurrency transfers. Nevertheless, exchanges will increase and decrease costs in accordance with market demand, in the end forcing sellers to promote at a “low cost”.
The P2P Swap Button is designed to unravel this concern. An extension of Kirobo’s groundbreaking Undo Button, it protects the initiator of the transaction with a passcode created by that individual. The second celebration has to enter the proper passcode on their finish as a way to execute the switch. With the P2P Swap Button, the second celebration should additionally log out on the transaction, and the switch itself is executed concurrently by good contract.
In different phrases, the 2 swappers must agree on a value earlier than the swap is accomplished. Because of this, neither lose cash on the commerce, and so they may select an off-peak time to execute the deal, avoiding excessive fuel charges.
The P2P Swap Button is appropriate with ETH and ERC-20 tokens. Kirobo is just not charging a payment to be used of the service, stating that its intention is to stage the taking part in discipline of buying and selling.
Tal Asa, Kirobo co-founder and CTO, mentioned: “The P2P Swap Button permits customers to profit from fairer swaps trades from the security of our non-custodial authentication mechanism. We envisage the instrument encouraging adoption and use of cryptocurrency, and giving an actual increase to the ecosystem for years to return.”
Tel Aviv-based Kirobo has acquired two grants from the Israel Innovation Authority, one thing that no different blockchain firm has achieved. Its retrievable switch mechanism has already processed greater than $1.5 billion value of cryptocurrency transfers, and helped customers retrieve greater than $6 million through tons of of cancelled transactions.
About Kirobo
Kirobo’s mission is to make cryptocurrency an on a regular basis instrument that everybody can use with confidence. We obtain this with user-friendly merchandise that take away the danger of human error and fraud from cryptocurrency transactions, making crypto administration as secure as could be. Kirobo is the proud recipient of two grants from the Israeli Innovation Authority — the one blockchain know-how firm to attain this.
This can be a press launch. Readers ought to do their very own due diligence earlier than taking any actions associated to the promoted firm or any of its associates or providers. Bitcoin.com is just not accountable, immediately or not directly, for any injury or loss brought on or alleged to be brought on by or in reference to the usage of or reliance on any content material, items or providers talked about within the press launch.
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