Freewallet and Changelly to Launch Off-Chain Exchanges

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.

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.

“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.