BitMinutes’ Atomic Swap Technology will allow anyone using its electronic wallet “trade ANY supported crypto WITHOUT setting up a crypto account with an exchange.”
“Over the last decade we have perfected this technology, giving us enormous flexibility when exploring opportunities with corporate partners and foreign governments.”
BitMinutes is a financial services technology company leveraging blockchain and pre-paid minutes tokenization to provide financial inclusion to the global consumer. It has applied for a patent with the United States Patent and Trademark Office for “Systems and Methods Thereof for Exchanging Different Digital Currencies on Different Blockchains”.
Encapsulated under U.S. Application №63/122,215, this intellectual property is the foundation for BitMinutes’ “Atomic Swap Technology,” which enables anyone that uses its electronic wallet “to trade ANY supported crypto WITHOUT setting up a crypto account with an exchange.”
An atomic swap is smart contract technology enabling the exchange of one digital currency for another without using centralized intermediaries, such as exchanges. The core technology is an embedded contract manager allowing two entities to exchange digital currencies of a different type or on different blockchains (e.g., exchanging XLM digital currency for Stellar Ledger digital currency).
The new Akoin token and wallet (www.Akoin.io), involved in a number of projects across Africa, will be using Atomic Swaps so its token can be transferred into multiple currencies, crypto and fiat, all within its own wallet-based ecosystem, with implementation in Q2 2021.
“Over the last decade we have perfected this technology, giving us enormous flexibility when exploring opportunities with corporate partners and foreign governments,” said Tom Meredith, the CEO of BitMinutes.
For more information, contact the BitMinutes technology team through the media contact below.
Other Notes Regarding BitMinutes Technology
BitMinutes combines blockchain and smart contract technologies into an architecture that enables partners and agents in its Trusted Agent Network to offer guaranteed lending, free global value transfer, and prepaid airtime top-ups. As an encrypted token exchangeable into prepaid minutes, BMTs can be used today by users of approximately 4 billion prepaid mobile phones in 130 countries and bank accounts in 70 countries. BitMinutes works with its partners to enable frictionless movement of money and minutes across global financial networks, mobile network carriers, and emerging blockchains.
Meredith, a graduate of the Harvard Business School (specializing in Entrepreneurial Studies) and Stanford University (Mechanical Engineering), added that more new technologies will be in the way.
“Whether it is our work in Africa, Central America, Asia or the United States, we are constantly discovering new ways of doing things that will support our ultimate goal of creating great economic efficiencies in the world economy, especially for those who are less fortunate,” said Meredith.