Kirobo’s P2P Swap Button Enables True P2P Crypto Activity

Israeli blockchain firm Kirobo has launched the P2P Swap Button, a decentralized service enabling truly peer-to-peer token swaps without the need for an exchange or custodial OTC party. Users can set their own token prices with the off-exchange platform, allowing them to avoid the slippage usually seen with exchange-based swaps.

“Our P2P Swap Button is exactly the tool needed to disrupt the token swap market,” Kirobo cofounder and CEO Asaf Naim said. “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. We’re allowing people to trade directly with their peers, for pre-agreed prices, and in complete safety.”

Kirobo’s Undo Button secures transactions with an authentication key, the component parts of which are divided between the initiator of the transaction, the Kirobo server, and the smart contract. The P2P Swap Button operates in a similar fashion but also executes simultaneous swaps via smart contract.

While token swaps allow people to invest in new tokens and hedge their losses, two-way transfers came with huge risks if they weren’t going through an exchange or OTC entity. Selling large amounts through an exchange causes the price to shift, and that forces users to sell at a discount. The P2P Swap Button lets people to connect directly to a third party. Funds stay with the parties until the transfer is actioned. The first party can cancel at any point before the correct passcode is received. The two exchanging parties are obligated to agree upon and stick to a price before the swap is actioned. High gas fees are bypassed by avoiding peak trading hours.

Tal Asa, Kirobo co-founder and CTO, said: “We’re not charging people to use the P2P Swap Button because our goal is to level the playing field,” Kirobo cofounder and CTO Tal Asa said. “The service lets users make more lucrative swaps, with the confidence that comes with a bulletproof, non-custodial authentication mechanism.”

Kirobo has received two grants from the Israel Innovation Authority, something that no other blockchain company has achieved. Its retrievable transfer mechanism has already processed more than $1.5 billion worth of cryptocurrency transfers, and helped users retrieve more than $6 million via hundreds of cancelled transactions.

Built on top of the Ethereum blockchain, the service is compatible with Ethereum and ERC-20 tokens.

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