Atomic Wallet Welcomes Ripple’s XRP Coin For Cross-Chain Swaps With Other Assets
The Atomic Wallet just announced this past week that it has plans in place to support cross-blockchain exchanges between Ripple's XRP coin and various other digital assets currently listed on its platform. This custody-free and multi-asset wallet is part of the Atomic Swap exchange. Despite being one of the most lightweight wallets, the Atomic Wallet supports nearly all ERC-20 tokens, including multiple well-known cryptocurrencies that include Stellar (XLM) and Augur (REP).
Welcome $XRP in @AtomicWallet! Manage your assets in a clear secured interface. Soon #XRP will be available in our cross-chain #AtomicSwap #DEX. Download app at https://t.co/enxUFl4LsD #Ripple pic.twitter.com/iHywT9IZPJ
— AtomicWallet.io (@AtomicWallet) August 20, 2018
Bypassing Centralized Crypto Exchanges
The Atomic Wallet seeks to build an integrated system of cross-blockchain atomic swaps aimed at enabling users to bypass traditionally centralized exchanges easily. Currently, the wallet supports all swaps don between Litecoin (LTC), QTUM (QTUM) and Bitcoin (BTC). Also, for any digital currencies not supported with this atomic swap feature, the wallet has set up two distinct exchanges Changelly and Shapeshift where the necessary swaps can be done.
The Atomic Swap Exchange
Unlike centralized exchanges, atomic swap exchange offers a custody-free arrangement with no requirements for verification or registration. The swaps are directly administered between two separate coins without the need for intermediary pairs. All this is done in server-less and decentralized order books with unlimited exchange amounts. The outcome is an efficient client to client exchange with the anonymity of all parties being maintained at all times. Even though not all coins can be swapped yet, the atomic swap exchange features the most common ones to get you started.
Today, security is a critical priority within the blockchain and crypto markets. The risks associated with centralized exchanges and platforms, including hacking, have led many people to invest in crypto wallets as a way of ensuring the security of their funds. The Atomic Wallet represents one of the most secure methods of storing your digital assets today. It not only requires a password and a backup phrase but it also features an AES encryption algorithm for ultimate security. Also, the fact that the information is distributed and stored in a decentralized format on the blockchain adds even more protection.
The new Atomic Wallet announcement of supporting XRP swaps comes recently after the crypto wallet added support for the Ethereum Classic (ETC) cryptocurrency. The organization revealed that it had several reasons for including ETC support in its portfolio. Some of those critical reasons include the fact that ETC is one of the top crypto coins by market capitalization, it is currently being traded on many of the leading exchanges and also the fact that it had an excellent community base.