Kava Labs has announced the launch of its non-custodial cryptocurrency trading platform Switch, which will support trading of Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP). The company announced the launch of the new virtual cards and trading platform via its Twitter profile.
Micropayments on the Interledger Protocol
The platform utilizes streaming micropayments to avoid the problems that traditional decentralized exchanges (DEX) face. Streaming micropayments basically means breaking up the payments into lots of tiny individual payments which are sent one by one, similar to the way large video files are sent over peer-to-peer networks. The system is designed to make funds safe from traditional exchange hacks while still offering fast trading between multiple currency pairs.
This method of operation makes it possible to offer ‘fast swaps’ across multiple blockchains while still ensuring customers maintain complete custody of their assets. The development incorporates several different systems to support each coin, with Bitcoin relying on the Lightning Network, XRP using its own blockchain system and Ethereum being supported by Machinomy.
The ability to send transactions via several individual payment networks is made possible by the use of the Interledger Protocol. This protocol can send packets between different connectors over decentralized blockchains, ensuring a customer’s private keys always remain private.
The Switch platform offers virtual cards for each digital currency and customers can deposit or withdraw funds from the cards at any time using traditional banking methods.
As interest in the platform grows, Kava Labs intends to add for support for several additional coins and ERC20 tokens like the decentralized DAI cryptocurrency.
Kava Labs has covered the release in a more detailed article on their Medium blog.