The decentralized exchange Incognito is in the Monero news today for adding the XMR coin to its privacy centered DEX for fully private Bitcoin or Ethereum swaps. The swaps will come without any transaction records of personal info saved.
As you probably know, Monero itself is already a decentralized and privacy-focused cryptocurrency. So, what the decentralized exchange Incognito has done is creating a “bridge” between the Monero network and Incognito’s pDEX in order to buy and sell Monero anonymously.
This is what Andrey Bugaevski wrote, known as the growth lead at Incognito. The pDEX supports cross chain trading so that Monero can be swapped with “hundreds of other assets” including BTC, ETH, USDT, DAI, USDC, BNB, ZIL and all ERC20 as well as BEP2 tokens.
Unlike the exchanges which require KYC (Know Your Customer) and other privacy-compromising measures, Bugaevski noted that this pDEX is built on top of the Incognito chain and includes no KYC, records of buyers, sellers or transaction amounts as well as no third party involvement.
“You control your money and hold your own private keys,” says the announcement from the decentralized exchange Incognito.
As the cryptocurrency news also show, users can also list a token they want by becoming a liquidity provider, without needing any permission from exchange owners or paying to list a pair.
In the meantime, a growing number of regulators including the major forces such as G20, the Financial Action Task Force (FATF), G7, the European Commission and central banks are working to tighten the laws on crypto with regulations such as the Fifth Anti Money Laundering Directive. They are also demanding that exchanges and other crypto-related businesses implement identity verification procedures. Also, the trend shows that more and more exchanges are forced to implement these procedures.
However, the fact that the decentralized exchange Incognito is in the Monero news for an option like this paves the way for the cryptocurrency in the future, promising a lot and showing that privacy-focused coins can be of great use if they are thought out well.
Meanwhile, the other news today show that the market is in a major selloff and most of the coins have declined.
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