COMIT Network, an open protocol facilitating cross-blockchain applications has announced that atomic swaps between Monero (XMR) and Bitcoin (BTC) are now available on the mainnet.
Comit Network Announces XMR and BTC Atomic Swaps Now Live on Mainnet
COMIT Network, blockchain-based research, and development (R&D) company has recently announced that peer-to-peer atomic swaps between Monero (XMR) and Bitcoin (BTC) are currently live on the mainnet.
The new feature allows users to trade Bitcoin (BTC) and Monero (XMR) without using a centralized exchange (CEX) service.
If you want to run the ASB – join us in https://t.co/z9ay1thWbx
— COMIT (@comit_network) May 28, 2021
As such, atomic swaps help eliminate the risks associated with centralized exchanges (CEX) amid the widespread prevalence of crypto exchanges falling victim to hackings.
COMIT is the first network to implement atomic swaps on the mainnet that enables trustless cross-chain trades.
In its official announcement, COMIT disclosed that the network beat several rivals to be the first to bring atomic swaps to the mainnet.
For instance, Farcaster and Haveno are both at varying stages of developing alternative atomic swap projects with Farcaster raising 2,727 XMR worth $650,000 today to build atomic swaps between the two digital assets.
Atomic Swaps Necessary Amid Serial XMR Delisting
The existence of atomic swaps between Monero and Bitcoin comes at a time after several crypto exchanges delisted privacy coins to confirm the various regulatory requirements of several governments.
“Limited trading venues despite surging retail user demand for private and fungible money have created a strong demand for these decentralized exchanges. There are more than double as many average daily Monero transactions than there were a year ago” reads the announcement release.