Taiwanese electronics giant HTC announced on Tuesday that Exodus 1 will permit users to directly swap between a set of crypto coins within its native wallet.
The capability was made possible with the new partnership between HTC and Kyber Network, decentralized exchange startup, which enhanced the project’s liquidity.
Zion Vault wallet app enables users to swap between more than 60 ERC-20 tokens like DAI, BAT, and KNC. This means that users will not have to move tokens to 3rd-party crypto exchanges before changing between the cryptocurrencies. Mobile applications streamline the user experience as swaps are wholly done on-chain — crypto-to-crypto trading — which HTC sees as ‘fast and secure.’
HTC’s Decentralized Chief Officer Phil Chen said:
“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.”
A user will retain ownership of the keys while using the private wallet on the blockchain to view, manage and perform cryptocurrencies and collectibles transactions.
CEO Loi Luu, Kyber Network CEO, hopes that the app will allow the firm to put the ERC-20 tokens to numerous other uses since they are capable of being “seamlessly used for payments, as collateral for lending, investing in funds and so on.” The ethereum standard on which crypto tokens are built on is the ERC-20.
Using the Kyber’s protocol, any application — such as decentralized applications (dapps), websites, vendors, and wallets — can be input into the decentralized token swaps, as per the announcement.
In late April, Chen revealed HTC wants to launch another blockchain phone later this year. However, last week, he also revealed that the upcoming EXODUS 1s is set to be a low-cost option and capable of acting as a bitcoin network’s full node.
EXODUS1s’ price will retail around $250- $300. HTC has also provided adequate memory to store bitcoin — which is usually ample for any ordinary cellphone to store —, as Chen explains:
“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.”