Kirobo, an Israel-based blockchain company, announced today that it has launched its P2P Swap Button, an innovative service that enables crypto holders to execute peer-to-peer token swaps without the need for an exchange or custodial OTC party.
According to a press release shared with Finance Magnates, the newly introduced service solves the issue of Slippage, one of the biggest problems faced by cryptocurrency users. The solution allows users to set their own token prices and find their own buyers, off-exchange.
Kirobo highlighted that the new service is compatible with Ethereum and ERC-20 tokens. The latest P2P Swap Button is an extension of the company’s innovative Undo Button which ensures secure and retrievable cryptocurrency transfers.
Commenting on the latest launch of the P2P Swap Button, Asaf Naim, co-founder and CEO of Kirobo, said: “Our decentralized P2P Swap Button finally allows people to trade without losing money. Exchanges will lower the price of your token according to how much you’re selling, raise it according to how much you’re buying, and charge you a fee for the privilege. We’re disrupting this by letting people trade directly with each other, with their own agreed-upon prices, and with complete safety.”
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Kirobo also highlighted the importance of the token swap market in the overall growth of the blockchain ecosystem. “Swaps allow people to invest in promising new tokens and diversify their portfolios. However, until now, the only way to protect against wrongdoing in two-way cryptocurrency transfers was using an exchange or custodial OTC party. One disadvantage of using an exchange is that the act of selling cryptocurrency causes the value of that cryptocurrency to go down, in accordance with rules of supply and demand. As a result, sellers are forced to sell at a discount,” Kirobo mentioned.
Kirobo’s retrievable transfer mechanism has already processed more than $1.5 billion worth of cryptocurrency transfers. The blockchain company has received two grants from the Israel Innovation Authority. The company recently announced the appointment of Michael Pearl as its COO.
P2P Swap Button
Kirobo’s newly introduced service provides a secure mechanism for slippage-proof token swaps. Tel Aviv-based company mentioned that the P2P Swap Button allows exchanging parties to avoid exchange-dictated slippage. “The P2P Swap Button allows users to benefit from more lucrative trades while protecting them with a bulletproof, non-custodial authentication mechanism. As with our Undo Button, we expect the P2P Swap Button to encourage adoption and use of cryptocurrency, giving a real boost to the ecosystem for years to come,” Tal Asa, co-founder and CTO of Kirobo, commented.