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HTC Has Added In-Wallet Crypto Swaps to Its EXODUS Phone
HTC has added Kyber Network’s liquidity protocol to its blockchain phone, enabling direct swaps between ERC-20 cryptocurrencies.
Updated Sep 13, 2021, 9:11 a.m. Published May 14, 2019, 9:00 a.m.
HTC’s blockchain phone, the EXODUS 1, now allows users to directly swap between some cryptocurrencies within its native wallet, the Taiwanese electronics giant announced Tuesday.
The new feature comes thanks to a new partnership that sees HTC add the liquidity protocol from decentralized exchange startup Kyber Network to its Zion Vault wallet app.
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The addition means users can swap between ERC-20 tokens such as Brave's and MakerDAO’s DAI stablecoin, directly in Zion Vault, removing the need to first move tokens to third-party cryptocurrency exchanges. Swaps are entirely done on-chain, HTC said, adding that “fast and secure” crypto-to-crypto trading within mobile applications is key to streamlining the user experience.
Phil Chen, Decentralized Chief Officer HTC, told Coindesk:
“The ability to swap ERC-20 tokens on chain in the Zion Vault without relying on third party exchanges is another step in empowering the user and maximizing security and privacy, which is at the center of the EXODUS mission.”
Kyber Network CEO Loi Luu told CoinDesk last September that the firm aims to open up ERC-20 tokens to wider use cases, so they can be “seamlessly used for payments, as collateral for lending, investing in funds and so on.” ERC-20 is an ethereum standard widely used to build crypto tokens.
In today's announcement, HTC said Kyber’s protocol allows decentralized token swaps to be integrated into any application, including wallets, vendors, websites and decentralized applications (dapps).
HTC is further planning to launch another blockchain phone this year, Chen revealed in late April. Last week, he revealed new details indicating that the upcoming EXODUS 1s will be a low-cost option and will notably be capable of acting as a full node for the bitcoin network.
“We think that’s foundational to the whole decentralized internet and just the whole fundamental premise,” he said. “If you don’t own your keys, you don’t own your bitcoin, you don’t own your crypto.”
Chen said that, while the bitcoin blockchain would be large to store on a cellphone, as is required for nodes, he "expects" HTC would provide sufficient memory, explaining:
Imagine the iPod with 256 gigs … of course the music fan wants to keep the whole music library, but the crypto fan wants to keep the whole bitcoin blockchain.”
The EXODUS 1s is expected to retail for between $250 and $300.
Exodus phone image courtesy of HTC
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