Escrypto, the global crypto payment service, has been getting licenses to operate in 3 continents and will launch later this year. With the innovative capabilities afforded by the Escrypto platform, financial regulators have approved its use in a comprehensive list of territories, including the US, EU, Canada, Israel, and many more.
The successful licensing of Escrypto on such a broad scale represents a huge step forward, not just for the Miami-based company but for crypto payment services in general. With Escrypto bringing secure, easy-to-use escrow services to the crypto space, decentralized finance has taken another significant step toward the mainstream.
Escrow in the Crypto Landscape
While cryptocurrencies may offer any number of advantages to users — increased security, privacy, and transparency to name but a few, they also come with a distinct drawback. Cryptocurrency transactions can’t be reversed.
In the event that you’re unhappy with a product or service that you’ve paid for, there is no method by which you can demand your money back. Once you’ve paid for something with crypto — even if you’ve paid the wrong person by mistake — that crypto is gone. In order to get your money returned, you’re entirely reliant upon the good nature of the individual you’ve paid to give you a refund — and if they aren’t prepared to offer you one, your options a severely limited.
This characteristic is, unfortunately, inherent to blockchain systems, with there being no central governing body that you can approach to make a complaint if there has been any mistake or failure in a transaction.
To resolve this, Escrypto is bringing the reliability and security of traditional escrow methodology to the crypto landscape.
The Escrypto Solution
In traditional escrow, a third party with no vested interests or connections to the transaction parties is brought in to act as an arbiter and maintain control of any payments made. Only when all parties involved are satisfied that the transaction can be completed are the payment funds released to the seller.
Further to this, the platform utilizes institutional-grade vaults that require both a public and a private key to access as well as leveraging MPC wallet technology. With MPC technology allowing individuals to evaluate transaction data without having to reveal their data to anyone else, Escrypto offers escrow payments solutions that are built around unparalleled security and reliability.
To address this issue and widen the mass appeal of blockchain technology in general, Escrypto has created an entire platform of crypto payment services that require absolutely no technical knowledge to use.
If you’d like to know more about Escrypto, its capabilities, and how the platform is set to revolutionize crypto payments in the future, you can contact the Escrypto team at https://www.escrypto.com.