In recent months, a new DeFi upstart has been making a name for itself in the cryptocurrency arena. It’s called TrustSwap, and it’s purpose-built to fill a void in the crypto industry that’s integral to the continued mission of bridging the gap between crypto and mainstream finance. TrustSwap accomplishes this by providing a service platform that can handle a variety of useful crypto transaction types in a low-cost, user-friendly way.
TrustSwap Escrow and Time-lock Services
The platform is the brainchild of its CEO Jeff Kirdeikis, a crypto veteran that has run headlong into the issues that crypto-startups often face. The idea came when Kirdeikis, then working with another crypto startup, went looking for a way to facilitate a $50,000 investment by a venture capital firm into the startup project. The firm wished to structure the investment as a discounted purchase of the project’s tokens, but that came with a major risk.
If the investor gained control of such a large number of tokens at once, it would give them effective veto power over the project’s direction. In other words, they would have the ability to dump their tokens on the open market all at once, causing a crash that would scuttle the project. The only answer was to structure the purchase as a series of smaller, timed token buys. But to Kirdeikis’s surprise, the only way to do that was to pay a lawyer to administer the transactions, in exchange for a hefty 5%-10% fee.
That’s when the idea for TrustSwap was born. It’s a platform that uses smart contracts as a replacement for the expensive and cumbersome middleman-dependent transactions that startups and other businesses need to perform regularly. Its primary service is called TS SmartSwap™, which is an escrow system created to handle high-volume OTC asset transfers between two or more parties. It’s exactly the solution Kirdeikis was looking for to facilitate the earlier VC transaction. TS SmartSwaps make…