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A startup is launching a solution that protects users from exchange hacks
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Quick Take
- It’s common for crypto exchanges to get hacked and DEXs aren’t gaining much traction yet
- A startup called Arwen is coming out with a solution that lets users maintain custody of coins while trading on a centralized exchange
- Arwen is peer-to-exchange Layer 2 blockchain protocol that works by opening escrows
- If there is an attack on the exchange, the coins can be recovered if the escrow is closed before the expiry time
Bitcoin was launched with the premise of disintermediating the financial system. Yet here we are ten years later and centralized exchanges are still holding large amounts of cryptocurrencies on users’ behalf. Coinbase has approximately $5 billion worth of cryptocurrency under management – 5% of all bitcoin, 8% of all ethereum, and 25% of all litecoin […]
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