In an important development that will have significant implications for the blockchain technology sphere, CryptoLocally has announced a partnership with Swingby Skybridge. For your better understanding, CryptoLocally is a well-established name in the domain of peer-to-peer non-custodial trading segment, while Swingby has proved its competence by offering token swap protocol based on the decentralized technology.
One of Bitcoin’s limitations is that users cannot use it directly on the smart contracts. Bitcoin needs swapping to a wrapped version first, and then only it can be used on the smart contract platform like the one offered by CryptoLocally. This conversion takes time and adds significantly to the cost factor besides adding extra requirements in terms of fulfilling the KYC, among others.
Now with CryptoLocally joining hands with Swingby, the conversion of the Bitcoin will happen in a completely transparent and seamless manner. Traders who will be sending Bitcoin through CryptoLocally will get the support of the Skybridge protocol of Swingby. This trustless bridge, with its Bitcoin to Binance-chain conversion, will peg the assets in a 1:1 ratio and allow the use of the digital assets on its smart contract. This means there is no need to have any third-party interference, and this feature is specifically suitable for community members who trade more than $350k on monthly basis on CryptoLocally.
The advanced technology used by Swingby includes the likes of MPC and threshold signature, which makes the transactions immune from any manipulation. Now CryptoLocally subscribing to the services of Swingby is going to help the seamless use of Bitcoin on the smart contract, which, in turn, will help both cryptocurrency and blockchain technology to spread their wings far and wide.