Kirobo startup launches token swaps on Ethereum
The developers of the technology for the return of erroneously sent BTC will launch a solution for P2P token swap on Ethereum. Direct swaps on the blockchain will be cheaper than through exchanges and OTC platforms.
As stated by Kirobo, the Atomic Safe Swap protocol offers a decentralized peer-to-peer alternative to centralized marketplaces or OTC platforms. The tool runs on Ethereum and supports ETH and ERC-20 tokens. The launch is scheduled for July 27.
Atomic Safe Swap allows crypto asset holders to swap tokens directly with other users without the need for a third party. The developers claim that their solution will become a cheaper alternative to exchange and OTC transactions, and also eliminate the “risk of error and fraud.”
Last year, startup Kirobo developed a technology that allows bitcoins to be returned that were mistakenly sent to the wrong addresses. The Undo Button solution includes an authentication key that the receiving party must enter to complete the transaction. The sender can cancel the transaction and get their money back until the recipient has entered the authentication key. Users can connect Ledger and Trezor wallets to use the service, which now supports BTC, ETH and ERC-20 tokens.
Kirobo co-founder and CEO Asaf Naim notes that Undo Bottom’s solution removes the need for test transactions. According to the company, using this function, cryptocurrency transactions worth $ 1.5 billion were carried out.Users were able to recall erroneous transactions with crypto assets worth $ 6 million.
Naim noted that another key industry issue the company may want to address is the loss of access to wallets, including the family of the deceased wallet owner gaining access to assets.
