Posted 1 year ago | by Ben Armstrong
BlueWallet Launches Private Bitcoin Trading via Non-Custodial Exchange Hodl Hodl
Igor Korsakov, the co-founder of BlueWallet, which is a non-custodial mobile crypto wallet for iOS and Android, recently announced that it's integrating with Hodl Hodl, a peer-to-peer bitcoin exchange.
The wallet's users can view available orders on the exchange and the wallet should feature a full integration over the coming months. BlueWallet users then will be able to buy and sell bitcoin directly with other users via the app.
Max Keidun, CEO of Hodl Hodl said:
“They have a non-custodial wallet, we have non-custodial trades. Nobody else in the bitcoin space has done this yet.”
Hodl Hodl is a peer-to-peer exchange that as a matter of principle does not perform know-your-customer (KYC) checks since the founders do not believe providing identification does any good for bitcoin owners. KYC checks also expose personal data to potential hacks and leaks.
Hodl Hodl is Open to Anyone
BlueWallet's Korsakov commented:
“We chose Hodl Hodl because it’s the only peer-to-peer marketplace that isn’t doing KYC and isn't going to...This will be very important in the coming battle for privacy in bitcoin.”
KYC regulations have been part-and-parcel of cryptos gaining acceptance by the established banking system, but there are still many ways to hide an identity. Personal freedom was instrumental to the first generation of crypto adoption, and it may be coming back in a big way.
Korsakov further expanded on his views:
“In 2020, this battle will be in full swing, as the regulators are pressing more and more, and exchanges are easily handing over their users’ data, introducing KYC, working with blockchain analytics firms and rejecting the coins from suspicious transactions.”
Already a Popular Platform
According to Keidun, Hodl Hodl is currently serving about 25,000 users around the globe and has recently joined a number of other exchanges that use the Liquid sidechain by Blockstream for faster transactions.
A BlueWallet user needs to find a counterparty then create a 2-out-of-3 multi-signature escrow. BlueWallet gives a key each for both parties in the trade, with a third held by the exchange to trade bitcoin on Hodl Hodl.
The seller locks bitcoin in the escrow and releases it in once they receive a fiat currency payment by the buyer through an agreed method. In case of a conflict, Hodl Hodl can be the third key to resolve the dispute and release the funds.
True economic freedom means being able to maintain ownership of assets, regardless of a political mandate. As the financial system becomes more politicized, anonymous transnational systems may rise in popularity.