In recent months, a new DeFi upstart has been making a name for itself in the cryptocurrency arena. Itâ€™s called TrustSwap, and itâ€™s purpose-built to fill a void in the crypto industry thatâ€™s integral to the continued mission of bridging the gap between crypto and mainstream finance. TrustSwap accomplishes this by providing a service platform that can handle a variety of useful crypto transaction types in a low-cost, user-friendly way.
TrustSwap Escrow and Time-lock Services
The platform is the brainchild of its CEO Jeff Kirdeikis, a crypto veteran that has run headlong into the issues that crypto-startups often face. The idea came when Kirdeikis, then working with another crypto startup, went looking for a way to facilitate a $50,000 investment by a venture capital firm into the startup project. The firm wished to structure the investment as a discounted purchase of the projectâ€™s tokens, but that came with a major risk.
If the investor gained control of such a large number of tokens at once, it would give them effective veto power over the projectâ€™s direction. In other words, they would have the ability to dump their tokens on the open market all at once, causing a crash that would scuttle the project. The only answer was to structure the purchase as a series of smaller, timed token buys. But to Kirdeikisâ€™s surprise, the only way to do that was to pay a lawyer to administer the transactions, in exchange for a hefty 5%-10% fee.
Thatâ€™s when the idea for TrustSwap was born. Itâ€™s a platform that uses smart contracts as a replacement for the expensive and cumbersome middleman-dependent transactions that startups and other businesses need to perform regularly. Its primary service is called TS SmartSwapâ„¢, which is an escrow system created to handle high-volume OTC asset transfers between two or more parties. Itâ€™s exactly the solution Kirdeikis was looking for to facilitate the earlier VC transaction. TS SmartSwaps make it possible for crypto ventures to transact with investors on a schedule of their choosing, with no costly middleman. As long as everyone involved in a transaction agrees to the same terms, the platform does the rest for a minimal fee.
But that isnâ€™t the only kind of transaction that TrustSwap can handle. It also offers some additional services that are both useful and groundbreaking in the industry. One of those services, called TS SmartLockâ„¢, is a one-to-one or one-to-many time-based repeating payment system. It can be used to facilitate performance-based payments, or even allow businesses to offer cryptocurrency options in their payroll workflows.
And thereâ€™s also TS SmartSubscriptionâ„¢, which is an API-driven bolt-on website solution to allow businesses to accept repeating subscription fees in compatible cryptocurrencies. In short, itâ€™s a crypto payment-as-a-service offering that might finally help more digital creators and service providers â€“ from Netflix to Spotify and beyond â€“ embrace cryptocurrencies once and for all. Thatâ€™s a multibillion-dollar market that cryptocurrencies have yet to penetrate in any meaningful way. TrustSwap aims to become the go-to crypto subscription service provider.
The Most Useful Launchpad Services for Crypto-Startups
Even with a smart contract arsenal so diverse, TrustSwap isnâ€™t resting on its laurels. Itâ€™s also evolving into one of the most useful launchpad services for crypto-startups available today. To that end, TrustSwap offers a variety of services meant to make common startup tasks easier. Contained under its TS SmartLaunchâ„¢ umbrella, TrustSwap offers startups a best-in-class automated token pre-sales management system, as well as tools to thwart token price manipulation.
Together they help crypto-startups to launch without worrying about the destabilizing forces that tend to consume foundersâ€™ attention, leaving them to do what they do best â€“ innovate. Already, three notable crypto startups â€“ Chaingames, MobiePay, and AuBit â€“ have used TrustSwap as a launchpad to early success, and theyâ€™re about to be joined by another industry standout.
In recent weeks, fintech startup Coin announced that they too would soon use TrustSwapâ€™s services to aid in their launch. Itâ€™s a new DeFi service thatâ€™s backed by an all-star team of Microsoft alumni, which aims to build a P2P decentralized coin exchange that uses AI to give crypto-holders a new and simpler option to manage their assets. Coin turned to TrustSwap to aid in the execution of their upcoming liquidity token sale.
Specifically, TrustSwap will handle three major parts of the sale. Itâ€™s going to manage the teamâ€™s token vesting needs, the vesting of individual token holders, and the liquidity locks that underpin the market for the new COIN token. The trust that Coinâ€™s team of industry veterans has placed in TrustSwap is a very visible sign of how far the platform has come in such a short time.
TrustSwap isnâ€™t planning to stop innovating anytime soon. In the very near future, they also aim to debut a new token wrapping service called TS SmartWrapâ„¢ which will allow users of the TrustSwap ecosystem to incorporate non-Ethereum assets into Ethereum-based DeFi applications. This will help open the door for a burst of innovation that will bring the crypto space ever closer to delivering on its vast promise.
The upcoming developments make it clear that TrustSwapâ€™s on track to overdeliver on its ambitions far faster than even its founder expected. From its beginnings in June of 2020, TrustSwap has emerged as a force in the DeFi space thatâ€™s rapidly gaining traction and making believers out of industry heavyweights in short order. With such a stellar early track record, thereâ€™s no doubt that TrustSwap is poised to go on to do even more great things, serving the crypto masses and making it possible for investors and end-users alike to join the revolution thatâ€™s now over a decade in the making.
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