Coinected.io – Coinected.io – Medium
Coinected is the easiest platform for users around the world to buy and sell cryptocurrencies directly from each other, with multiple payment options — using local fiat currency and any payment method as the fiat payment settlement channel (bank transfer, PayPal and others).
The biggest limitation within the current landscape of OTC exchanges and P2P fiat-crypto gateways is the lack of liquidity as platforms are finding it extremely difficult to match buyers with sellers willing to trade the same token, using the same fiat currency and payment method.
Typical user experience on most OTC exchanges:
- Alice wants to buy ENG token using USD, with PayPal as a payment method.
- She browses through available sell offers and finds Bob’s offer.
- Unfortunately, Bob is only interested in selling ZRX token, as he does not hold ENG.
- It is currently not possible to convert between ZRX and ENG tokens, therefore the exchange does not match Alice and Bob, and the trade cannot be executed.
- Alice is not able to buy crypto and leaves disappointed. Bob, as a seller, has just lost a potential customer and some profit.
Enabling greater liquidity
To solve the aforementioned problem in user experience, Coinected.io has integrated Kyber’s liquidity protocol into our trading flow. Kyber’s token swap technology, which supports over 70 ERC20 tokens, allows an exponentially higher number of matches between buyers and sellers, hence enabling much better liquidity.
Seamless experience with Coinected.io:
- Alice is looking to buy ENG tokens.
- Bob is selling ZRX tokens only, but thanks to Kyber’s protocol we are able to easily match Alice and Bob.
- Bob transfers ZRX tokens to our secure escrow smart contract through Kyber (ZRX->ENG swap).
- Escrow smart contract receives ENG tokens, which are released to Alice’s account once the fiat payment is completed. Alice and Bob leave satisfied.
Learn more about how Coinected.io works HERE
We are very proud to announce this exciting integration as it is a very important step towards our vision of Coinected.io as a global, decentralized fiat-crypto gateway.