XLM cryptocurrency wallet, Stellarport, has officially launched it’s decentralized exchange service, supporting Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Ripple (XRP) and of course, Stellar Lumens (XLM).
It acts as a portal to the entire Stellar blockchain, allowing users connectivity between their hardware wallets and the new trading exchange, enabling the submission of bids and transactions almost directly from storage. Stellarport also supports account management tools including trading histories, overviews of assets and details of open offers.
The new service also supports any device – PC desktop, mobile and tablet.
Interest in decentralized exchanges has grown since several high profile hacks of cryptocurrency exchanges worldwide. The largest heist in blockchain history came towards the end of January this year, in which Japanese exchange Coincheck was targeted by hackers in a theft of 500 million NEM (XEM) tokens, worth roughly US$534 million at the time.
A decentralized exchange does not rely on any one entity to hold and protect a customer’s assets. Exchanges such as Stellarport operate through an automated peer-to-peer system, removing single points of failure from the network. The decentralized system also results in minimal to no trading fees and eliminates downtime.
However, this does put more onus on the user to keep their cryptocurrencies safe and machines completely free of compromise to maintain individual security.
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