Kirobo has distributed an update saying it has now processed $1 billion worth of crypto while saving users $6 million, in 200 transactions, that would otherwise been lost forever. Kirobo has created a crypto tool called the “Undo Button” that allows users to recoup a transaction that could have been lost to fraud or error.
Kirabo states that it is the proud recipient of two grants from the Israeli Innovation Authority and is the only blockchain technology company to have accomplished this.
Asaf Naim, Kirobo CEO, says they are not surprised at all by the rate of adoption of their service:
“The ecosystem was gasping for a way to make transactions safe and easy, and our Undo Button provides this in a foolproof manner. I’d also point out that of the $1 billion, $61 million was processed in only one day, demonstrating how scalable we are – this solution is going to change the way people interact with cryptocurrency worldwide.”
Kirabo points to the decentralized ecosystem of blockchain where it is difficult to reverse a transaction. The company states that about four million Bitcoins have been lost due to error and fraud. Kirobo makes Bitcoin, Ethereum, and ERC-20 transactions retrievable.
Kirabo does not currently charge any fee on transactions of $1000 or less but takes a cut on the transfer over that amount. For example, transfer $10,000 worth of crypto and pay Kirabo $10. Transfer $1 million and Kirabo receives $100.
There is also a KIRO token that is used to reduce network fees by opening a payment channel between the user and the pool contract, allowing aggregation of payment by offline transactions.
The company explains that the Undo Button allows a sender to cancel a transaction while guaranteeing the legitimacy of transactions with a multi-stage password. The Kirobo server does not hold user funds at any point in the process, and transactions are retrievable even if the Kirobo server goes down. Kirobo’s goal is to make blockchain as simple and secure as online banking.