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Blockchain Protocol Komodo Offering Three-In-One Wallet, Cross-Chain Bridge and DEX
Named AtomicDEX Web, the service is intended to be accessed through any internet browser.
Updated May 9, 2023, 4:03 a.m. Published Nov 30, 2022, 5:00 p.m.
Blockchain protocol Komodo has launched AtomicDEX Web – a wallet, cross-chain bridge and decentralized exchange (DEX).
Unlike centralized exchanges (CEXs), a DEX relies on smart contracts and liquidity pools to allow its users to trade cryptocurrencies in a permissionless manner.
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Komodo’s three-in-one product is intended to be accessed through any internet browser and connect with over 60 blockchains including Ethereum, Polygon, Avalanche, BNB Chain and Cosmos.
“Most internet users spend all day opening and closing new tabs, so the wallet and crypto experience should be integrated with the way we already use the internet, rather than asking users to download browser extensions or additional software to access their funds,” said Komodo Chief Technology Officer Kadan Stadelmann. “Crypto should be as easy as opening a new tab from any device, on any operating system, while still being your own custodian of your funds.”
The introduction of this DEX comes at a shaky time for the crypto ecosystem, which is still reeling from the collapse of centralized exchange FTX. Stadelmann told CoinDesk that he believes the downfall of the FTX exchange has highlighted the need for DEXs that give users the ability to control their own funds without any middleman. “Why would you like to give someone control over your crypto?” he said. “If you want to trade, you can do this in a peer-to-peer decentralized and cryptographic way in a trustless fashion.”
AtomicDEX Web’s goal is to eventually integrate with any electronic device, so any future technology could be used for wallet storage and trading.
In March, Komodo launched ShibaDEX, which lets its users trade shiba inu tokens (SHIB) for other cryptos.
Read more: Komodo’s ‘ShibaDEX’ Lets Users Trade Shiba Inu for Tokens on Other Chains
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