Leading crypto exchange OOOBTC just introduced Cross-Chain transactions on their platform. With atomic cross chain swaps, users from different blockchains can complete transactions without having to transfer their own funds to a 3rd party exchange.
OOOBTC, a Singapore based cryptocurrency exchange is taking a step ahead to enhance security and user experience by enabling cross-chain transactions on their platform. Being the first major exchange to introduce this feature, they are giving a real challenge to fellow centralized exchanges. Their move to atomic cross chain transactions comes along with the wave of several exchanges to become decentralized and putting the power back into the hands of their users.
Centralized exchanges can easily become breeding grounds for hackers. Once the exchange has become vulnerable, it is nearly impossible for its users to withdraw their funds during security breaches. Atomic cross chain transactions will aid users with more secured transactions.
With centralized exchanges, users are at the platform’s mercy at any given time. If at any time an exchange were to shut down or lose funds, there is nothing a user can do to retrieve their funds back. Because of this, many are exclaiming that atomic swaps could cause a large, potential threat to exchanges and the current way they operate.
OOOBTC’s cross chain atomic swaps or “atomic swaps” will allow 2 parties to maintain their funds on their own blockchain and complete crypto-based trades. These types of trades can happen instantaneously.
To ensure the security and reliability of atomic swaps enabled transactions, OOOBTC exchange has created a smart contract to assist in more trustworthy actions. Through hash-time locked smart contracts, this will further help to ensure that the trade between the two parties is conducted successfully.
“While atomic swaps provide a solution, this alone will not end centralized exchanges any time soon. With the cryptocurrency space still somewhat in its infancy, exchanges are trying to be user-friendly instead of being tech-friendly, where, in fact, both should go hand in hand” a spokesperson of the exchange explained. “The crypto world changes rapidly all around us. In order to continue to thrive as a business over the decades and beyond, we must look forward, walk in the forefront of the world. That’s why we would like to do our best to provide an exchange that’s secure, reliable, fast and user-friendly” quotes the team.
OOOBTC has always been committed to creating user value as the goal, to provide global crypto users with a faster and more convenient trading model. They have recently announced the integration of BlockBar, the first blockchain based search engine to help their users to track transactions. More details about BlockBar can be found at https://blockbar.com
OOOBTC is a world-class cryptocurrency exchange that primarily supports three trading pairs: BTC, ETH, and USDT. It is fairly new to the cryptocurrency space and aims to provide efficiency and excellent performance for it users. The exchange uses safety measures by using cold storage & 2-factor authentication. OOOBTC will be the first exchange to offer atomic swaps. A major move that will put them ahead of the curve from their competitors.
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