CryptoYou Launches Cross-Chain Exchange
Self-Custodial Wallet Security Meets Centralized Exchange Liquidity
Prague, March 30th, 2023.
CryptoYou has announced the launch of its cross-chain hybrid exchange (desktop and mobile), providing DeFi users with a unique combination of centralized exchange liquidity and decentralized wallet security. At a time when trust in centralized exchanges is extremely low, CryptoYou provides users with a self-custodial hybrid exchange that overcomes the tough choice faced by cryptocurrency traders: to risk compromised security on a centralized exchange, or to sacrifice liquidity on a DeFi exchange.
Powered by the Yanda protocol, CryptoYou utilizes a network of validators to monitor and verify off-chain logics and transactions, creating a more secure environment than traditional bridges can provide. The Yanda protocol also ensures transparency of off-chain transactions. To reduce slippage and liquidity issues, CryptoYou leverages centralized exchanges’ order books, while saving transactions on-chain for Yanda validators to confirm their legitimacy.
Cedric Maloux, CEO and co-founder of CryptoYou, explains that “users can now swap over 25 Ethereum and Moonbeam tokens for nearly 230+ tokens across 110+ different networks directly from their Metamask wallet at low cost, making it an ideal solution for regular large cross-chain trades or payments performed by crypto startups, freelancers, fund managers, traders, and chain operators.”
“Because it’s a hybrid solution, Yanda’s protocol was designed to improve the security of cross-chain transactions and to reduce slippage risks. Yanda doesn’t rely upon debt issuer and custodian contracts – which are well-known points of failure when it comes to the interoperability of chains – but remains compliant with regulation” says Mario Stumpo, CEO and co-founder of Yanda.io, expressing his confidence in the protocol.
CryptoYou dramatically reduces slippage risks and, unlike other DeFi swappers, facilitates high volume transactions and lowers fees. A user’s funds are briefly held on the centralized exchange during the swap and withdrawn immediately thereafter to the destination address provided by the user.
By leveraging a combination of on-chain and off-chain technologies, a cross-chain hybrid exchange like CryptoYou aims to provide the best of both worlds, combining the security and control of decentralized wallets with the speed and liquidity of centralized exchanges. This type of exchange can also facilitate the interoperability of different blockchain networks, enabling users to trade between tokens that are not natively compatible with each other – currently a major pain point in the industry.
CryptoYou is a company founded in the Czech Republic by a group of experienced tech entrepreneurs and crypto traders whose vision is to make cryptocurrency trading more accessible and less risky. The CryptoYou service is only available to residents of the European Union and complies with European KYC and AML laws.