The protocol powering fiat to crypto exchanges
Building an open protocol powering peer-to-peer fiat to crypto exchanges.
Each time a seller wants to trade a digital asset for fiat money, the digital asset gets secured by a smart contract escrow account. These smart contracts release the digital asset to the buyer if and only if the buyer sends the right amount of fiat money directly to the seller of the digital asset. The smart account is not controlled by any third party and operates solely on the base of its preprogrammed logic.
The digital asset gets locked in an escrow smart contract. The trade is then considered submitted and awaits a market taker. As soon as a market taker takes the order the market maker cannot withdraw the offer as the digital asset becomes locked by the smart contract until it is paid for or until a pre-determined lock-up time period passes.
The smart contract contains a hash of fiat payment instructions. These instructions are displayed to the buyer.