SWFT Blockchain, the cross-chain wallet app that enables users to own, send, receive, and trade cryptocurrencies has recently integrated Dash.Hydrogen to implement cutting-edge KYC/AML solutions to their product”.
SWFT said their integration of Dash made sense since both have similar goals of appealing to more consumers.
“We decided to integrate DASH as we believe it is proving to be a reliable currency with increasing real-world usage. We want to give users the best rates between cryptos they want to trade and make crypto transfers simpler, faster, and safer. Adding support for DASH just made sense.”
Competition of compliance and liquidity
Shapeshift, Changelly, and SWFT all provide the ability for individuals to quickly exchange their cryptocurrencies without having to utilize an official exchange. Shapeshift and Changelly have been the big names in cryptocurrency swaps for the past year, but if the cryptocurrency space is known for anything, it is a quickly changing environment. Shapeshift recently faced significant backlash for creating a membership program as a form of KYC/AML compliance. Thus, it is becoming harder to have cryptocurrency liquidity without having to register through exchanges.
While SWFT is also pursuing a form of AML/KYC compliance, simply existing brings competition to the marketplace that will offer consumers more choices. The results can already be seen in their partnership with Hydrogen to offer “cutting-edge” KYC/AML compliance. The competition is also offering consumers cheaper rates and faster services, as a recent comparison between the three services revealed. However, since SWFT stores users’ funds in a wallet, the user is placing some trust in SWFT to secure their funds, which SWFT says is protected by multiple layers of cold-storage.
Any kind of liquidity aids adoption
SWFT’s integration of Dash helps increases the entry and exit points for current and potential Dash users. Having more on-boarding points is an obvious advantage to gaining more adoption, but having the ability to switch to other coins is a more counter-intuitive advantage. Economic theory describes how limits on consumers’ choices limits prosperity. In the cryptocurrency ecosystem, those theories manifest themselves in making consumers more hesitant about adopting and using a specific coin if they suspect that it is hard to exit out of said coin. With SWFT, consumers will easily be able to move into 90+ other coins, which will help reassure consumers that holding Dash is less risky than they might have otherwise believed.
As consumers freely experiment with different coins, they will soon be able to learn how Dash is spendable at over 4,700 merchants around the globe. Plus, they will learn just how fast, inexpensive, and secure Dash is thanks to its innovative and evolutionary structure.