Altcoin.io, a decentralized cryptocurrency startup, has secured $1 million in funding by WeFunder, the crowdfunding service which connects startups with investors online.
Based in San Diego, altcoin.io describes itself as being “the decentralized exchange of the future”, which brings the “speed, ease, and UI of a centralized exchange, with all the security advantages of a decentralized one.”
The crowdfunding project is part of altcoin’s aim to become the world’s safest platform for exchanging digital value. Altcoin.io aims to overcome the issue of digital tokens being stolen through centralized exchanges by hackers.
The next evolution of cryptocurrency trading
By developing a peer-to-peer and decentralized exchange, Altcoin.io will help users maintain control of their digital assets, stamping out the need to pass tokens to a third party.
In a press statement, Andrew Gazdecki, altcoin’s co-founder and CEO said:
“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 usability of a centralized exchange, which we believe is the next evolution of cryptocurrency trading.”
Atomic swap technology
By incorporating atomic swap technology, Gazdecki, who co-founded altcoin.io in 2017, the exchange allows users to swap one cryptocurrency for another without relying on a trusted third party.
Atomic swap technology is hailed as being a solution to centralized exchanges’ vulnerability of hacks, which are compelled to give away data about the customers so that digital assets can be taxed by governments. By eliminating the middleman, atomic swap technology crafts a more secure digital currency exchange infrastructure.
The fact that WeFunder, the largest regulation crowdfunding portal, has secured $1 million of funding for the altcoin.io project, is testament of the widespread concern about the security issues involved in cryptocurrency trading.
Research shows that since 2011, around $3 billion of cryptocurrency has been stolen for centralized exchanges.
Decentralized cryptocurrency startup altcoin.io and the investors willing to put money into the venture, could mark the beginning of stamping out the cybersecurity issues that continue to blight the world of digital currency.
Gabrielle Pickard-Whitehead is a freelance journalist and copywriter based in the Peak District, UK. Since 2006, Gabrielle has followed her passion for writing and has sculptured a rewarding career out of her love for the written word. Gabrielle thrives on creating compelling content related to current affairs, politics, financial news and the latest advancements in technology and innovation. Gabrielle is excited about having the chance to write about the constantly-evolving world of crytocurrency and enabling people to learn more about this rapidly-advancing digital asset.