There’s a new application called Faast, a service that claims to enable secure cross-chain trades by utilizing a few popular wallet clients and two well-known hardware devices Ledger and Trezor. This means users can swap BTC for ETH, and trade various ERC-20 tokens in a secure manner without leaving a trusted environment.
The Faast Platform Allows Private Cross-Chain Swaps With 130 Supported Tokens
This week the Faast portfolio management platform announced integration with the Trezor hardware wallet. Faast is an open source beta application that provides investors with the ability to diversify their crypto portfolios by enabling cross-chain trades. Platforms like these have been trending lately, with services like Shapeshift’s Prism and the ETH Radar Relay — services that allow trustless token trading with popular cryptocurrencies and ERC-20 tokens. Faast believes its latest integration with Trezor allows secure and safe trades without having to register for exchanges or move money to centralized trading platforms.
“If you were using Binance, for example, you’d have to send your BTC holdings on your Trezor wallet to your BTC wallet on Binance, then trade it for the token you wanted (which may not even be listed),” explains the Faast startup.
It’s so much easier to just remove that extra step by using Faast to swap your BTC for the tokens you want, and get them safely delivered straight to your Trezor wallet.
No Need to Surrender Private Data
Another good aspect of not having to use an exchange and using a platform like Faast is avoiding data collection, and KYC processes involved with centralized exchanges. Faast says there is no need to surrender any information and all it takes to trade is a connection to a popular wallet. Aside from Trezor support the Faast application also works with Metamask, Ledger Wallet, Mist, and Parity. The wallets will act as a second-factor authentication when integrating the supported cryptocurrencies to the Faast portfolio platform.
“In this way, Faast allows you to enjoy the security of a hardware wallet while staying true to the original crypto spirit of decentralization and safe, private trading online,” the development team explains.
The company also details that while applications like Shapeshift offer cross-chains swaps in a private manner it doesn’t have a wide variety of coins. The Faast platform allows users to swap between over 130 supported coins, and the firm reveals more additions will be added soon. As mentioned above, the Shapeshift platform Prism also offers decentralized token trading in a similar manner, but Prism is in beta and invite-only. Radar Relay also does the same type of service and can be connected to a Ledger Wallet for cross-chain swaps.
It’s true apps like Faast are interesting platforms that remove the middle-man from the trading equation while attempting to further decentralize the cryptocurrency environment. For now, however, millions of traders are still eerily comfortable with centralized exchanges even after all the hacks and lost cryptocurrencies over the years.
What do you think about the Faast platform and swapping cryptocurrencies cross-chain? Let us know your thoughts about this platform in the comments below.
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Images via Shutterstock, Medium, and the Faast platform.