Smartchange is a crosschain P2P marketplace where buyers and sellers can swap their cryptocurrencies or tokens.
Unlike other P2P marketplace where buyers and sellers can only buy or sell stablecoins, smartchange will feature a crosschain transaction.
Just as we have the different bridges that connect blockchains, crypto traders will be able to exchange a crypto on a blockchain for the tokens built on another blockchain.
For instance, if you have Binance coin, you can easily exchange it for Algo or Matic without converting to USDT first.
Before now, if you wanted to get a cryptocurrency on another blockchain, you might need to convert your crypto to a stablecoin or go to Binance first, and then the stablecoin is exchanged for another cryptocurrency of your choice.
But with Smartchange, you can swap the cryptocurrency on a P2P level with a verified merchant.
According to Karla Obakpolor, founder of Crypto Smart, “Smartchange is not limited to cryptocurrencies on different blockchains, users will be able to swap tokens built on different blockchain on a p2p level”
To further explain, you can swap $Hag, built on Binance chain, for $CSA built on Algorand blockchain.
P2P refers to peer-to-peer which is a decentralized service where two individuals interact directly.
The current P2P that we have allows only limited cryptocurrencies while some only allows stablecoins.
According to a report, Bitcoin P2P trading in nigeria has increased by over 15% Year over Year since CBN directive.
Crosschain is the interoperability between two relatively independent blockchain. It refers to the capacity of two independent blockchain to communicate with one another.
A cross chain bridge enables an exchange of information, cryptocurrency or NFTs from one blockchain network to another.
One of the biggest problems of blockchain was the inability to work together which has caused each blockchain to be limited by the walls of its domains.
Crosschain bridges solve this problem by enabling token transfers, smart contracts and data exchange between two independent blockchains.
Benefits of using SmartChange
Easy and fast exchange
Despite the interoperability, exchanging tokens built on different blockchain has been a dilemma.
However, with the launch of smartchange, users will be able to swap tokens on a particular blockchain for tokens built on another blockchain.
No liquidity issue
Even with decentralized exchanges, swapping tokens built on the same blockchain is not possible due to limited liquidity.
Sometimes, you might need to convert your token to the native coin of the blockchain before exchanging it to your desired token.
Smartchange will facilitate easy and direct exchange on a P2P level.
Reduction in transaction fees
One major challenge in crypto trading is the transaction fee for exchanging cryptos on both centralized and decentralized exchanges.
For instance, to buy $CSA, you will need to convert $Yiedly (another token on algorand) to Algo first. That translates to two transactions on which fees will be paid for each swap.
The transaction fee will be limited to the transfer of assets while using smartchange.
Fiat to crypto and crypto to fiat exchange
Aside from the ease of swapping tokens on different blockchains, users will be able to exchange fiat for any token on any blockchain.
In this current crypto attacks, smartchange will reduce the risk of loss of funds due to rigorous processes of exchanging cryptocurrencies for tokens on another blockchain.
For instance, anyone holding $Cake and want to buy $CSA will follow the following steps:
- Swap $Cake for $BNB on decentralized exchange
- Swap $BNB for $USDT or $BUSD
- Convert $USDT for Algo on centralized exchange
- Transfer $Algo to personal wallet
- Swap $Algo for $CSA
The risk of loss of crypto assets is high while following this process which is almost the same for any transaction of such nature but with direct exchange of different tokens, the risk will be at the barest minimum.
Verified and trusted merchants
Every merchant on SmartChange undergoes a physical KYC process with the Crypto Smart team before they’re verified on the Smartchange App, so you can be sure your trades are safe.
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About Crypto Smart
Crypto Smart is a B2B Crypto Asset Management company founded in January 2021 by Karla Obakpolor, a blockchain business developer and Algorand ambassador in 2020.
Crypto Smart offers fast and secure services which are based on a well-encrypted system with 24/7 customer support services. The company has grown from offering its services to individuals to companies and major enterprises as well as providing crypto education through various crypto courses.
Crypto Smart upscaled to the Algorand blockchain and offers blockchain products which include SmartChange; a cross-chain P2P marketplace, Bitsave Protocol; a SaveFi protocol that combines savings with DeFi.