Robert Paone, associated with growth at AirSwap blogged on 08 February about the facility to support fiat to cryptocurrency conversion on AirSwap through integration with Wyre.
The blog gravely continued on the concern which haunts centralized exchanges, that being serious compromises of security and the eventual loss of user’s funds. This specter can be to an extent overcome with decentralized counterparts with the only overhead being bringing funds to custodial platforms.
AirSwap hopes to streamline this process through its partnership with Wyre and allow traders swap currencies U.S. dollars (USD), British Pound (GBP), Euros (EUR), Australian dollar (AUD) for cryptocurrency Ethereum (ETH). This is achieved within their self-custodied wallet using the AirSwap trading interface.
Wyre CEO Michael Dunworth emphatically quoted:
“Peer-to-Peer/OTC style trading is always a strong starting point for building meaningful liquidity. AirSwap really gets this. Working with them to mitigate counter-party risk, without compromising on meaningful liquidity is so exciting to be part of.”
This coming together of forces between AirSwap and Wyre allows individuals to purchase cryptocurrency via automated clearing house or wire bank transfers, without ever having to deposit funds onto a centralized exchange.
Wyre is a global money service business, permitted and registered to operate in over 40 countries. The blog concluded with the note headlining that AirSwap firmly believes in the statement, “not your keys, not your coins.”
Through this new handout by enabling a convenient fiat to cryptocurrency facility on AirSwap, users can be better empowered to always maintain control of their private keys in an environment committed to supporting peer to peer trade.
AirSwap reiterated its vision to look forward to advancing the field of decentralized, peer to peer trade by working hand-in-hand with innovative partners like Wyre. This is surely not a far-fetched foresight and with the current acceptance rate of cryptocurrencies, this could well be the reality.
We are witnessing many developments wherein the need to approach centralized institutions to buy cryptocurrencies are slowly getting phased out. However, this trend is seeing a mixed reaction considering the greatest money movers in the cryptosphere are centralized exchanges. We will surely see better systems having a healthy amalgamation of great ideas!