A new token exchange feature allows Ethereum-based cryptocurrency holders to trade their ETHs for ERC20 tokens. MyEtherWallet (MEW), one of the leading suppliers of Ethereum wallets, and Kyber Network, the first fully decentralized exchange platform on the (block) channel, worked together on the project.
Kyber Network and MyEtherWallet Launch Exchange Between ETH Tokens and ERC20 Tokens
MEW wallet users have the ability to easily convert their Ether into twenty different ERC20 tokens – including the Kyber Network Token (KNC), EOS, OmiseGO (OMG) and the stable token the DAI -with the exchange feature. Millions of MEW monthly users can now diversify their Ethereum-based holdings. This action is done without having to move their ETHs out of their MEW wallet. They will be flexible, without the need for a deposit or a minimum registration.
Koala Hemachandra, the founder of MEW said:
This exciting collaboration is based on a common goal: protecting the privacy of our users while making the crypto-currency trading experience smooth and pleasant.
Loi Luu, the founder and CEO of Kyber Network also commented on the partnership of the two companies saying:
People all over the world know and trust the MEW brand, whether they use the platform to create wallets or send and receive money from other users. This major partnership with MEW affirms our commitment to all cryptocurrency and token holders to continue to deliver the transparent and secure token exchange experience they expect from Kyber Network.
Instant and user controlled
Responsibilities on the shoulders of centralized exchanges are largely important. Billions of daily transactions, the collection of users ‘personal data and the storage of most of their customers’ funds on their servers make trading vulnerable to hackers. Moreover, the processing time is relatively delayed with the hands to be insured. The new functionality provided by Kyber Network addresses this problem with the integration of MEW wallet infrastructure. Tokens will be available instantly in MEW wallets, which is a significant advantage.
It should be noted that MEW and Kyber Network do not store any user information, which gives the user total control over its assets, transactions and trading on the decentralized Blockchain platform.
We refuse to collect user data because we want to respect the principles of Blockchain technology, the confidentiality of which is paramount.
Token trading will soon allow inter-ERC20 conversion by the middle of the year, and token conversion between channels will be available by the end of 2018.
What do you think about the new ETH chip token trading feature ERC20 launched by MyEtherWallet and Kyber Network? Comment in the comments section below.