Recently, AirSwap announced that some token projects have chosen them, in order to promote safer trade for their communities.
According to a blog post, it highlighted how several token projects have successfully used the AirSwap OTC (over-the-counter) to enable safer trade within their communities.
AirSwap also tweeted about this on its official Twitter handle.
— AirSwap (@airswap) March 2, 2020
About AirSwap OTC
AirSwap is a decentralized system that empowers peer-to-peer (P2P) asset transfer without any reliance on third-parties to broker trades or custody assets.
However, OTC transactions still often use chat room-based escrow services that are quite unsafe for trading. No matter how well it facilitates transactions, the accompanying escrow failures and scam possibilities make it undesirable. Hence a need to develop a trustless OTC trading.
To remind, the AirSwap OTC started in August 2019. It provides safe OTC trading without third-party escrows, deposits, or trading fees. With a clean interface and a simple workflow, traders can easily build and share orders. In the next stage, the audited smart contracts underlying the network enable quick and hassle-free execution and settlement of these orders.
Token projects like Synthetix, Tellor, and iExec have implemented the OTC system to achieve safe trading for their communities. Besides, most chat rooms also started adopting it as a preferred trading tool now.
Why token projects prefer AirSwap OTC
The primary reason for most token projects going for AirSwap OTC is its commitment to safety and reliability. In light of this, the AirSwap team has launched an initiative along with several leading projects that use the network.
Notably, this initiative has two components. Firstly, there is an endorsement from these token projects recognizing it as a safe OTC trading solution. Secondly, a “Trusted By” section is now included in the AirSwap token selector to show the major projects who have endorsed them. Initially, 5 token projects are part of this initiative.
Testimonials from the token projects
The blog post also mentioned the token projects giving testimonials concerning the use of AirSwap OTC and showering it with praise.
Kain Warwick, the founder of Synthetix, said that the system had an extremely useful platform for their community to trade SNX securely. He also remarked that it was catering to a crucial need for the crypto ecosystem.
According to Michael Zemrose, the CSO and co-founder of Tellor, the system was the best OTC method of trading TRB. “I mean, where else would you go for OTC…..a chatroom? Get real. Intermediary-free is the way to be. We are very happy to present this great option to the Tellor community,” he added.
Recently, we had covered Band Protocol’s March 2020 overview mentioning an alliance with AirSwap to ensure its OTC platform could trade without third-party interference.