Ethereum-based cryptocurrency holders will now be able to instantly exchange their ETH into popular ERC20 tokens using a new token swap function launched by MyEtherWallet (MEW), one of the first Ethereum wallet providers, and Kyber Network, a decentralized, fully on-chain exchange platform.
ETH holders can now seamlessly capitalize on the cryptocurrency market by converting their funds into twenty ERC20 tokens such as KNC, EOS, OMG (OmiseGo) and stable coin DAI. The swap function empowers MEW’s tens of millions of average monthly visitors with choice and flexibility, without the need for a minimum deposit or registration.
“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,” said Kosala Hemachandra, founder of MEW.
“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 crypto tokens to keep delivering the seamless and secure token swap experience they have come to expect from Kyber Network,” said Loi Luu, founder, and CEO of 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. This 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 decentralized blockchain platform.
“We refuse to collect user data as we want to honor the principles of blockchain technology, of which privacy is paramount,” said Hemachandra.
The token swap function will soon allow ERC20 to ERC20 conversion by mid-year, with cross-chain token conversion to be made available by the end of this year.
