Escrypto will be launched on 3 continents

MIAMI, FLORIDA, August 05, 2022 (GLOBE NEWSWIRE) — Escrypto, the global crypto payment service, has been licensed to operate on 3 continents and will launch later this year. With the innovative capabilities offered by the Escrypto platform, financial regulators have approved its use in a whole list of territories, including the US, Canada, the EU, Israel, and many more places. Escrypto’s successful licensing on such a wide scale represents a huge step forward, not only for the Miami-based company, but for crypto payment services in general. With Escrypto bringing easy-to-use and secure custody services to the crypto space, decentralized finance has taken another significant step into the mainstream.

Escrow in the crypto landscape

While cryptocurrencies can offer a number of benefits to users – increased security, privacy, and transparency, to name just a few – they also come with a distinct drawback. Cryptocurrency transactions cannot be reversed.

In the event that the buyer is not satisfied with a product or service that they have paid for, there is no method by which the buyer can demand their money back. Once he has paid something with crypto, even if he has paid the wrong person by mistake, that crypto is gone. To get the money back, the buyer depends entirely on the good nature of the person or company he paid to give a refund, and if he is not prepared to offer one, the options are very limited.

Unfortunately, this feature is inherent in blockchain systems, as there is no central governing body that customers can go to to complain if there has been an error or transaction failure.

To solve this, Escrypto is bringing the reliability and security of traditional escrow methodology to the crypto landscape.

The crypto solution

In traditional escrow, a third party with no vested interests or connections to the parties to the transaction acts as an arbitrator and maintains control of the payments made. Only when all parties involved are satisfied that the transaction can be completed, the payment funds are released to the seller. When it comes to crypto transactions, the most effective way to provide escrow security is to use a multi-signature escrow wallet, also known as a “multisig.” Although the function of a multisig wallet is the same as a traditional escrow service, the way it performs this task differs profoundly. When using a multisig, no third party holds the funds.

Instead, the multisig serves as an agreement that funds will not be transferred until two of the three parties involved (the buyer, the seller, and the escrow provider) have signed that the transaction was successful.

Assuming the buyer is satisfied with the purchased product or service, both buyer and seller use their own personal cryptographic “keys” to authorize the transaction. With the “two out of three” authorization condition now met, the payment held in the multisig wallet is released to the seller.

the human element

As effective as blockchain escrow can be, there are still reasons that transaction parties need to be careful. In the event of problems or complications with a transaction, the escrow provider will serve as adjudicator and ‘third vote’ in deciding the truth of the transaction.

Since the way these disputes are resolved varies widely (depending on the escrow service provider chosen), it is vital that crypto transaction partners engage a reputable and licensed escrow provider. In this regard, blockchain escrows are no different from traditional escrows: however automated and secure the transaction process may be, the reputation of an escrow provider is still important.

This is where Escrypto makes a big difference. Employing extensive user verification systems like KYC, KYB and AML, Escrypto ensures that all transactions are fully vetted and compliant.

In addition to this, the platform uses institutional-grade vaults that require a public and private key to access, as well as leveraging MPC wallet technology. With MPC technology that allows people to evaluate transaction data without having to reveal their data to anyone else, Escrypto offers payment escrow solutions that are built on unparalleled security and reliability.

Crypto payments at your fingertips

More than just security though, Escrypto aims to make blockchain escrow as intuitive and user-friendly as possible.

One of the other unfortunate features of blockchain technology is that it tends to confuse people very easily, especially newcomers to the field. While nodes and chartered ledgers may be standard terminology in the financial markets, they are not necessarily the most appealing phrases to the general public.

To address this issue and broaden the mass appeal of blockchain technology in general, Escrypto has created a complete platform of crypto payment services that requires absolutely no technical knowledge to use.

By employing innovative software and smart contracts, Escrypto has effectively removed any complications from the process, allowing people to make crypto payments with the same ease and confidence that they experience using traditional centralized payment platforms.

From art and real estate to payments for services or absolutely everything, Escrypto has been specifically designed to make blockchain finance not only secure, but easy for everyone.

To learn more about Escrypto, its capabilities, and how the platform is set to revolutionize crypto payments in the future, please visit the Escrypto team at https://www.escrypto.com.


        

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