MEW, Ethereum’s original wallet provider, has launched a new token swap function in combination with Kyber Network, a decentralised, fully on-chain exchange platform. This will provide Ethereum-based cryptocurrency holders with the ability to instantly exchange their ETH into popular ERC20 tokens.
ETH holders can convert their funds into twenty ERC20 tokens such as KNC, EOS, OMG (OmiseGo) and stable coin DAI. There is no need for a minimum deposit or registration. MEW and Kyber Network hope to advance digital asset conversion by making the process as secure, efficient and transparent as possible.
Kosala Hemachandra, founder of MEW, commented: “This exciting collaboration is founded on a shared goal of protecting the privacy of our users, while making the cryptocurrency trading experience fluid and enjoyable,”
Founder and CEO of Kyber Network, Loi Luu said: “People around the globe know and trust the MEW brand, whether they are using the platform to set up wallets, or to send and receive money from other users. This major partnership with MEW affirms our commitment to every individual who holds cryptocurrency and cryptotokens to keep delivering the seamless and secure token swap experience they have come to expect from Kyber Network,”
Centralised exchanges are responsible for billions of trades per day, collecting personal user data and storing most of their users’ funds on their servers. This leaves traders vulnerable to hacks and burdens them with slow processing times. The feature offered by Kyber Network will be integrated with MEW’s wallet infrastructure, meaning swapped tokens will be available in MEW wallets instantly. Both MEW and Kyber Network do not request or store any user data; users have complete control over their assets, with all transactions and exchanges processed on an open sourced decentralised blockchain platform.
Hemachandra added: “We refuse to collect user data as we want to honour the principles of blockchain technology, of which privacy is paramount”
The token swap function will allow ERC20 to ERC20 conversion by mid-year, with cross-chain token conversion to be made available by the end of this year.