Hong Kong, Sept. 21, 2020 (GLOBE NEWSWIRE) — CryptoLocally, the leading non-custodial peer-to-peer crypto trading platform, is excited to announce today its deep technology partnership with the decentralised token swap protocol Swingby Skybridge.
Limitations on Bitcoin’s composability have historically made it difficult to use it in the smart contracts that power peer-to-peer exchange platforms and instead require traders to swap the native coin for a wrapped version elsewhere, such as on a CEX, before moving it to a smart contract powered service like CryptoLocally – often adding in extra fees, custody risk, and KYC requirements.
The partnership with Swingby will enable traders to send native Bitcoins through Cryptolocally. Incoming native Bitcoins will be routed through Swingby’s trustless “Bitcoin to Binance-chain” bridge “SkyBridge”, allowing for the BEP2 1:1 pegged assets to be used within the platform’s escrow smart contract. This will remove the need for third party custody exchanges and enable a long awaited feature for the CryptoLocally community that currently transact over $350k USD per month on the platform.
Swingby’s advanced threshold-signature and MPC technology will enable the Cryptolocally to support the most liquid digital assets in the world, including Bitcoin, the $200 Billion market cap asset. CryptoLocally Co-Founder and chief engineer Jae Chung described the Swingby Skybridge as “the missing piece” needed in order to achieve the goal of offering even more token variety for trading, adding, “Swingby’s Skybridge matches CryptoLocally’s mantra perfectly — fast and non-custodial. We’re very excited to bring this partnership to life and improve the trading experience for our users.“
Internal estimates predict that the addition of the native Bitcoin chain to the platform could conservatively triple the monthly trading volumes sending them over $1m USD per month.
“We see ourselves as the ‘enablers’ of DeFi. Bridging together decentralised protocols and bringing the most liquid digital asset in the world, Bitcoin, into the ecosystem is our main mission. Our partnership with Cryptolocally is a great step in that direction and we are really excited to begin working with their team. By providing a trustless bridge between native Bitcoin and Binance-chain for each trade, the Swingby protocol can expect to process a few million dollars a month in baseline transaction volume and bring those volumes to our node stakers, whilst also facilitating more Bitcoin adoption on the CryptoLocally platform.” said Yusaku Senga, the founder and CEO of Swingby, adding “Once we have fully integrated our new groundbreaking one-round signing cryptography, and integrate Lighting Network in 2021, peer-to-peer trade times could be reduced to minutes or even seconds, giving the CryptoLocally platform a huge competitive advantage in the space.”
CryptoLocally is a leading P2P cryptocurrency trading platform. Our platform is non-custodial and uses a smart contracts escrow to provide additional security to users. Throughout the trading process no third party, including CryptoLocally, will have full control of the users’ crypto assets. That way, CryptoLocally remains a truly decentralised trading platform.
The platform recently released a DeFi feature that allows users to earn interest on ETH, DAI, USDT, USDC, and GIV, our native token. Integrating the trading platform with DeFi capabilities and designing both to be easy to use have turned CryptoLocally into a viable pathway to financial inclusion for the 1.7 billion people still living without access to financial services. CryptoLocally recently closed a private sale of our native token, GIV. Investors included FTX, IOSG Ventures, NGC Ventures, Genesis Block, and One Block Capital. The GIV public sale will be held soon.
Swingby Labs was launched in Singapore in 2018 by a group of crypto enthusiasts joining forces to make the tools to connect Bitcoin with other blockchains.
Swingby’s bridge protocol, Skybridge, builds trustless bridges between BTC, Ethereum, Binance Chain and other blockchains secured by a network of nodes that execute fast token swaps using layer 2 ‘multi-party computing’ technology.
Skybridge allows users to move Bitcoin tokens between the Bitcoin, Ethereum, and Binance Chain blockchains without relying on a central custodian, opening up a world of DeFi capabilities such as liquidity pooling and trading with easy to use UX. Users can swap their coins across chains using self-custody wallets and there’s no logins or KYC.
The Skybridge testnet bridge has transacted over $14 Billion in testnet BTC capital between the Bitcoin and Binance Chain blockchains, and its decentralized technology has been fully battle tested in live high volume environments.
In early 2021, Swingby plans to launch its Ethereum MainNet, bridging Bitcoin capital to an ecosystem which already has over $750MM in Bitcoin capital locked up in DeFi contracts. Building on exciting partnerships with projects such as Elrond, Waves and Kira Network, Swingby aims to expand reach to more projects, adding support where the most value can be added.
The documentation pages for Skybridge, which offer a deeper dive into the technical aspects of the protocol, are located here.