- The aim of the partnership is to use advantages of off-chain exchanges to combat the existing crisis
- A total of 54 coins and ERC20 tokens will be available on the new off-chain exchanges
- Off-chain exchanges offer lower transaction fees, instant execution, and enhanced privacy
Freewallet, a free open-source wallet, is launching off-chain exchanges in cooperation with Changelly, to combat the existing crisis, the company said in a blog post. A total of 54 coins and ERC20 tokens, including Bitcoin (BTC), Ethereum (ETH), EOS, and Litecoin (LTC) will be available on the new off-chain exchanges.
Changelly is a non-custodial instant cryptocurrency exchange which offers access to 150+ cryptocurrencies.
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“We’ve been working with Changelly for a long time. Our successful experience together and mutual trust have allowed us to integrate off-chain exchanges into Freewallet and thereby further advance in our goal of providing the best service possible to our over 3 million users”, said Solomon Brown, Head of PR at Freewallet.
The aim of the partnership is to use advantages of off-chain exchanges, namely enhanced privacy, instant execution, and the lower transaction fees, in a time when the world is challenged by the COVID-19 outbreak.
“Freewallet remains one of my favourite wallet apps out there, and our partnership continues to go from strength to strength. With the ability to perform off-chain transactions, Freewallet now performs at a much higher speed and the overall cost for the customer has in turn become lower,” said Eric Benz, CEO at Changelly.
“We will provide more assets in the future for off-chain settlement once interest in the feature has gained more traction.”
Off-chain exchanges are transactions that occur when the value is moved outside of the block chain. Due to its design, off-chain transactions are dependent on other methods to record and validate the transaction, since they take place outside of the block chain.
Thus, users are not paying transaction fees as these exchanges don’t touch upon the blockchain itself. As transaction details are not published, the privacy features of off-chain exchanges are directly enhanced.
Moreover, these exchanges are executed instantly as there is no queue of transactions waiting to be confirmed.
Freewallet was the third most popular wallet for Android in 2018. It became the first company to release Bitcoin Cash (BCH), Bitcoin Gold (BTG), and Tron (TRX) wallets for Android in 2017.