Arwen Crypto Startup, With Help From Highland And Underscore, To Make Exchange Swaps More Secure
Atomic Swap Pursuit For Benign Cryptocurrency Trades Gets A New Member
Arwen has consistently been highlighted by the Boston Globe in its past publications. The startup has emerged as one of the numerous companies that are interested in making cryptocurrency exchanges more harmless. This is something the firms seek to achieve by introducing a new tech layer that would make it easier for crypto holders to seamlessly convert one crypto into another.
The startup was initially founded by Highland and Underscore—two companies operating within the larger Boston area. It is a company that was established by a professor of computer science at Boston University in collaboration with a student undertaking a doctoral degree in the same course.
The Atomic Swap
Reports indicate that the two are mainly interested in creating an additional technology layer that will help make transactions safer. The new tech layer is supposedly going to be based on what they are referring to as an atomic swap.
When complete, the swap will make it possible for cryptocurrency holders using varied blockchain technologies to easily swap from one currency to another. This will be done seamlessly without the need for the holders to add their cryptocurrency tokens to any currency exchange.
At the moment, clients need to use a crypto exchange which acts as a mediator in the transaction. This means that the exchange will be tasked with the responsibility of matching the numerous orders being made by its clients. The exchange will, however, be non-custodial, ensuring that clients get to retain full control over their digital assets as well as their private keys.
The need to enhance the safety of the funds came about after a realization made by a combination of various startups and venture capital companies based in Boston. The companies established that there was a need for the crypto industry to enhance the existing safety standards.
Castle Island, is one of the companies that helped make this realization. The firm was, later on, able to raise a total of thirty million American dollars which are to be used in making such projects a reality. The company has so far invested in a total of six companies as well as other Boston-based companies working on similar projects.
Mathew Wash, who is the founder of Castle Island Ventures stated that the primary reason why this fund was started was because the company had come to the realization that cryptocurrencies would at some point become investible assets. The infrastructure underlying the technology was, however, very immature.
He went on to state that every time he has heard of an exchange that has been compromised, or one where its founders have disappeared with client money has gone on to reinforce the point that the industry is still quite immature. Sharon Goldberg went on to note that industry is still quite young, but they hope that there will be some notable developments down the line.
Arwen has already launched a sandbox that is currently being used to show prospective customers how its technology functions. At the moment, the company is in talks with customers based in countries such as Japan.