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With financial regulators across three continents having granted Escrypto a license to operate, the Miami-based crypto payment service company is set to revolutionize the crypto transaction landscape.
The company’s innovative escrow services will be available later in the year in an extensive list of countries including the US, Canada, EU, Israel and many more locations — the huge launch representing a significant step forward for decentralized finance and its attempts to engage the mass market.
Solving the Crypto Problem
One of the main stumbling blocks holding back the widespread adoption of cryptocurrencies is that crypto transactions can’t be reversed. Once you’ve paid for something with crypto, that money is gone — no matter how dissatisfied you may be with your purchase.
In a bid to solve this problem, Escrypto is introducing a modernized form of traditional escrow to the crypto landscape. Escrow normally involves a nonpartisan third party serving as an adjudicator who holds onto transaction payments until all parties involved are satisfied that the transaction can be completed.
Escrypto performs this task in a profoundly new and secure fashion.
Blockchain Escrow
With Escrypto as your escrow provider, no money is actually held by a third party. Instead, the company leverages the capabilities of a multi-signature escrow wallet known as a ‘multisig’. A smart contract operating within a blockchain, a multisig performs the escrow service by ensuring that no transaction funds are paid until any two of the three parties involved — the buyer, seller, and escrow provider — have agreed that the transaction can be completed.
Assuming you’re happy with the service or product you’ve purchased, you and the seller use your own personal crypto keys to confirm the sale. With the ‘two of three’ condition now met, the crypto held in the multisig wallet is paid to the seller.
Appealing to the Mainstream Market
Although the multisig system efficiently automates the escrow service, it’s inevitable that disputes will still occasionally arise between buyers and sellers. In this event, the escrow provider serves as the deciding third vote. As a result, it’s vital that transaction parties engage a reliable and licensed escrow provider.
In this respect, Escrypto serves as an ideal option. With the company employing comprehensive verification systems such as KYC, KYB, and AML, it ensures that all transactions are fully vetted and compliant. What’s more, with the platform using institutional-grade vaults and MPC wallet technology, the company is intent on providing the kind of security and reliability needed to operate successfully in the mainstream market.
Perhaps most fundamentally, the company aims to do all this simply. With the wider public unfamiliar with the technological ins and outs of blockchain technology, Escrypto has created a crypto payment service that requires absolutely no technical knowledge to use.
When it comes to making crypto payments, Escrypto isn’t just the safe option — it’s the easy one.
To find out more about Escrypto and its capabilities, you can contact the Escrypto team at https://www.escrypto.com.
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