Decentralized Crypto Exchange AirSwap Launches OTC Market to ‘Unlock New World of Liquidity’

Crypto Exchange Leaks Customer Private Information Putting $620K at Risk

AirSwap, the decentralised exchange, is launching the framework for OTC (Over The Counter) trading products for their mainnet rollout. The new feature is only going to be available to a private beta group on August 15, according to the company. 

AirSwap token (AST) was founded in 2017 by Micheal Oved and Don Mosites. The AirSwap token is the membership token of the exchange. Their vision is that you should be able to trade your favourite ERC20 token (tokens that are built upon Ethereums platform) for free on the platform. The AirSwap token gives you the right to trade one digital asset for another. If someone agrees on your terms, the transaction will happen, safely, without you needing to involve a third party. The transactions are executed in a peer-to-peer fashion using a tool such as Metamask or Wallets. 

The 8th of August, AirSwap wrote a blog post about the rollout. They stated that it was a year ago they announced the AirSwap project and they had hit every milestone since. AirSwap is playing an integral role in the evolution of frictionless trade. While centralised exchanges operate with order books, AirSwap takes an entirely different, wallet-to-wallet approach. The widget is a three-click trade flow that is embeddable on any website and portable on any device. It’s compatible with all major wallets. 

“Everybody today is very familiar with super low friction, easy ways to communicate to groups or individuals, and now you’re going to see the ability to exchange value built into a system where there are real-time communication and distribution everywhere to anyone that’s interested in trading.”

AirSwap published another blog post a few days ago, introducing the OTC trading farther. They write that Over-the-counter trading makes up a large portion of global crypto trading. 

“Over-the-counter (OTC) trading makes up a large portion of global crypto trading — but still employs a traditional workflow. Ethereum tokens (ERC20) have capabilities to enable significant security and efficiency improvements, enabling us to unlock a new type of liquidity altogether”. 

Even though it is a time consuming and expensive service, it enables users to complete a know your customer (KYC – when you upload ID and proof of address to prove that you are who you say you are), a non-fungible token (NFT) that is deployed on onto the Ethereum blockchain to indicate verification. By doing so, the token is public and visible to everyone – making the decentralised network trustable by verifying all the traders.

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