CryptoLocally, the leading non-custodial peer-to-peer crypto trading platform, is excited to announce 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.
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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.
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“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.”
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