Decentralized exchange Radar Relay raises $10 million

Meet Radar Relay, a cryptocurrency startup that just raised $10 million from Blockchain Capital and other investors. The company is taking advantage of the 0x protocol to change your tokens into other tokens without going through a traditional exchange.

Centralized exchanges have been one of the main weaknesses of the cryptocurrency industry for years. A centralized exchange can get hacked or shut down. Malicious users can also hijack your account and transfer all your tokens.

“I definitely hope centralized exchanges go burn in hell as much as possible,” Vitalik Buterin said in a recent TechCrunch interview.

So what is the solution? Decentralized exchanges that never hold your tokens on their wallets. As TechCrunch’s Josh Constine wrote, 0x is a protocol that makes this possible. 0x connects traders so that you can swap tokens without going through a centralized marketplace. It leverages smart contracts so that you don’t end up sending the tokens first and waiting for the other person to send you back their tokens — the transaction happens simultaneously.

Many companies are building projects on top of the 0x protocol, and Radar Relay is one of them. As the name suggests, Radar Relay helps you find other traders who are interested in your order.

For instance, if you want to exchange 10 MLN for 162 ZRX, you need to publicize your order somewhere so that other users can find it. If another Radar Relay user wants to make a similar transaction, but in the other direction, then the trade occurs.

Users connect wallet addresses on Radar Relay so that you stay in control of your tokens at all times. For instance, if you use a Ledger wallet, you can exchange tokens from one address on your Ledger to another. In the future, you can imagine integrations with wallet makers so that you can submit an order from your wallet directly.

In addition to leaving you in control of your tokens, you don’t need to create an account to use a decentralized exchange. Radar Relay is only compatible with ERC20 tokens as 0x has been designed for ERC20 tokens specifically. Since October, users have traded the equivalent of $150 million in 170 tokens.

While Blockchain Capital is leading the round, a ton of investors have put money in Radar Relay — Tusk Ventures, Distributed Global, Reciprocal Ventures, Collaborative Fund, Distributed Global, Reciprocal Ventures, Collaborative Fund, Elefund, Slow Ventures, SV Angel, Kindred Ventures, Breyer Capital, Digital Currency Group, V1.VC, Kokopelli, Village Global and Chapter One.

It’s an impressive list of investors. So let’s see if decentralized exchanges can shake up the big exchanges that everybody uses today.

Post by startupsnows.blogspot.com