Kirobo, a provider of decentralized, non-custodial solutions, has launched its P2P Swap Button, allowing users to swap tokens without the need for an exchange. The platform aims to minimize exchange-caused slippage and boost decentralized transactions between peer wallets.
The Israel-based blockchain innovator, Kirobo, hopes to give users “truly peer-to-peer token swaps without the need for an exchange or custodial OTC party.” This creates a direct channel for crypto users to enjoy the advantages of decentralization and eliminate any cases of slippage and failed order executions.
Users utilizing the P2P swap solution will be able to set their own token prices on an off-exchange platform to kill the slippage that is prevalent on crypto exchanges. Slippage occurs when a trade or swap is executed at a different price than what the trader initially set their trade due to a movement in price between the time the order enters the market and the execution time.
Asaf Naim, Kirobo co-founder and CEO, stated that the P2P Swap Button will “disrupt the token swap market” as users begin to use it in numbers.
“Until now, people had to use an exchange if they wanted to swap, but they’ll never get the best deal there because venues adjust prices according to how much you’re selling,” Naim said.
With the Kirobo P2P Swap Button, users will be able to “trade directly with their peers, for pre-agreed prices, and complete safety,” he added.
The cryptocurrency market has grown to more than a trillion-dollar market cap and token swaps have become a big business as decentralized exchanges also jumped in the act. However, conducting token swaps via an OTC custodian or exchange has a number of disadvantages. For example, centralized services take control of your cryptocurrency and private key, making them a target for hackers. Decentralized exchanges alter token prices in accordance with the amount of tokens being bought and sold. As a result, traders often have to sell at a discount and buy at a premium.
Kirobo’s P2P Swap Button nullifies this slippage by allowing users to set a stationary price, connecting them to another trader. Swapping is done at the specified price. The key advantage of Kirobo is its non-custodial policy whereby the traders’ funds remain in their control until the trade is complete.
“The two exchanging parties are obligated to agree upon and stick to a price before the swap is actioned, thus avoiding the exchange-dictated slippage that ultimately makes their trades less valuable,” a statement from the team reads.
The P2P Swap Button will be a zero-fee platform in order to “level the playing field” and “let users make more lucrative swaps,” Tal Asa, Kirobo co-founder and CTO, said.
That’s not all. In late June, the platform also launched its ‘Undo Button’ – a first-of-its-kind service allowing users to reverse transactions in case of mistakes. This minimizes the losses that occur in copying an incorrect recipient address.
According to the statement, the Undo Button can be used with Ethereum (ETH), Uniswap (UNI), Chainlink (LINK), Binance Coin (BNB), Tether (USDT), Sushiswap token (SUSHI), and the native Kirobo token, KIRO.
The P2P swap platform is built on the Ethereum blockchain and allows ERC-20 token swaps charge-free.
The Tel Aviv-based company became the first blockchain-oriented firm to receive two grants from the Israel Innovation Authority due to its brilliant innovations and widespread effect in the blockchain space. Since its launch, Kirobo has completed over $1.5 billion worth of crypto transfers and enabled the recovery of nearly $7 million through canceled transactions.
