Crypto and blockchain company Bitaccess has finally launched faa.st, an open source cryptocurrency portfolio manager for a quick, safe and durable way to maintain one’s crypto holdings. Introduced today as a live working beta version, the service was first announced back in the summer.
Users can connect to faa.st using a Ledger or Trezor hardware wallet, Metamask, a wallet from MyEtherWallet or any ethereum wallet. faa.st automatically syncs a user’s portfolio holdings and allows them to securely swap tokens between a wide range of crypto-assets. The new system also features an advanced API.
- Swap fee – currently a 0.5% swap fee is applied on each side while swapping between two cryptocurrencies.
- Exchange rate – exchange rates are based on real-time market data. Large orders are priced based on market depth.
- Network fees – network fees are charged on deposits and withdrawals. These fees are paid to miners.
Moe Adham, founder of Bitaccess stated:
“Users should never be afraid of leaving their money on an exchange. As a matter of fact, they should never have to leave money on an exchange at all. So, we built faa.st..a culmination of several years of work, which started with the Velocity project we started in 2015. Back then, we envisioned a decentralized way for customers to trade cryptocurrency without the risk of a counterparty (like an exchange) going under. It was powered by smart-contracts, and ran completely on the Ethereum blockchain.”
“Our first principle for faa.st was that users should always be in full control of their money. If faa.st disappears, or is hacked, users will never lose anything. That is why we built hardware wallet support in from day one. The second principle was that it should be simple. faa.st portfolio looks more like WealthSimple than a cryptocurrency exchange. Finally, we wanted it to be a community effort. Which is why we made it open source.”
faa.st is currently beta with the team saying that swaps take about 4 minutes right now (not so “faa.st”, as of right now, the team advised). Developers are currently working hard to improve the speed while maintaining liquidity and security. Until this is fixed, the new platform will remain in beta.