Altcoin.io Decentralized Exchange Secures $1 Million in Funding via WeFunder
The decentralized exchange known as Altcoin.io was able to raise over $1 million dollars using WeFunder. The company is headquartered in San Diego and it aims to become the world’s safest platform for exchanging cryptocurrencies.
Every single day investors all over the world exchange billions of dollars of digital assets. However, this is done using centralized exchanges. These centralized platforms hold the virtual currencies of the users. That means if they were attacked, hackers could steal the funds of hundreds of thousands of users. Indeed, that happened in the past several times.
According to Crypto Aware, since 2011, over $3 billion dollars have been stolen from these exchanges.
Altcoin.io aims to solve this problem. The company wants to create a peer-to-peer decentralized exchange that allows users to have control over their tokens. Using altcoin.io is not necessary to rely on a third party as in centralized exchanges.
Users will be using a platform that is scalable and less costly to use than other centralized exchanges.
The CEO and co-founder of the company, Andrew Gazdecki, commented on the matter:
“The team and I are really excited about building an exchange where you can trade securely, staying in complete control of your tokens at all times. Altcoin.io combines the safety of decentralization with the speed and useability of a centralized exchange, which we believe is the next evolution of cryptocurrency trading.”
Mr. Gazdecki is also the founder of Bizness Apps, which has been acquired by Think3. In the past, Bizness Apps controlled 5 percent of the applications on the App Store. Additionally, it has helped grow an important number of business using affordable app development.
There are some cryptocurrency exchanges that handle most of the trading volume in the space. But users are always at risk if they keep their funds at the exchange at all times. Altcoin.io is working to create a fast and scalable decentralized exchange that would allow users to safely store their funds and trade virtual currencies.
Altcoin.io was founded by Andrew and Sulejman Sarajlija in 2017. The exchange was able to transact Bitcoin for Ethereum using atomic swaps. After it, the company released an atomic swap wallet.
The team has also been working on a Plasma-like side chain model for Altcoin.io. Plasma has been proposed by Vitalik Buterin and Joseph Poon. Transactions in plasma are underwritten by smart contracts.
Andrew explains that the technology is not all what is needed.
“While our Plasma model lets you trade quickly and safely, for very little cost, we’re working hard to create the best user experience, on and offline,” he commented. “You’ll have 24-7 user support, and you’ll be able to chat to and follow your favorite traders. We believe this will make it easier for newcomers to enter the market, boosting liquidity while keeping traders’ funds safe.”
The WeFunder campaign will help Atlcoin.io develop its product and the underlying technology for the exchange. Additionally, the team behind Altcoin.io will be investing in customer support and marketing teams.
Until now, an important number of investors funded the company and may keep doing so in the near future. The main goal is to solve the security problems related to centralized exchanges.