The platform offers a “trustless decentralized escrow service,” per Boxmining, introducing timed split payment and other smart-contract services. The goal of TrustSwap is to simplify transactions between people and/or organizations, by eliminating middlemen or third-party intermediaries.
TrustSwap grew into existence after figuring out a way to eliminate a middleman to handle secured split payments from two parties—the company and a venture capitalist firm, to cut costs. CEO Jeff Kirdeikis, says:
“I figured there had to be something already created that implemented this service in a smart-contract, for a fraction of the cost. There wasn’t. Infact, there was nothing that allowed for time-based payments at all. No trustless escrow for institutions, no trustless team-token lockups, no automated employee payments… nothing.”
Hence the birth of TrustSwap in June 2020.
The company will be offering a “foundational DeFi layer” that is expected to be a big leaping step to financial transactions. The goal of the company is to provide the following values:
Amid the rise of crypto scams and the like, looking for the right platform is as meticulous as buying a house—all the while cutting down on the traditional five to 10% fees on third-party intermediaries.
TrustSwap will aim for cross-chain integration, but it’ll be for its Phase Two products. For Phase One, all products are “fully ERC-20 and Ethereum compatible.”
These products are:
Currently, TrustSwap has just expanded in Japan and is set to explore South Korea and China next.
Featured image courtesy of TrustSwap/Twitter
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