Exodus Movement (ticker: EXOD), a publicly traded fiat-to-cryptocurrency services company, is partnering with blockchain hardware manufacturer Ledger to launch a new cryptocurrency swap aggregator, the two companies announced in a press release Tuesday.
The XO Swap feature is integrated into the Ledger Live application, facilitating connections with third-party exchange API providers, enabling swaps between thousands of cryptocurrency pairs directly from users’ self-custody wallets.
Ledger, one of the largest hardware wallet providers, is increasingly embracing the multi-chain cryptocurrency industry and building services to reduce the decentralization of individual blockchains.
“This integration prioritizes user control and security, differentiating it from centralized trading platforms,” the press release reads. A crypto-asset swap is a type of financial contract between traders that takes place on-chain, allowing them to convert their holdings into other tokens.
These XO Swap trades are aggregated across multiple third-party trading platforms, delivering the assets directly to the user’s Ledger wallet. It will initially be launched as a desktop service, with a mobile version to follow.
Self-custody wallet company Exodus Movement reported a quarterly loss of nearly $10 million in August, down from a profit of nearly $2 million in the same quarter last year.
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About the Author
Daniel Kuhn is a senior journalist and editor at The Block, covering the cryptocurrency industry with a particular focus on technology. He previously served as an associate editor at CoinDesk, where he covered the opinions/articles section. He was first published in the trade publication Financial Planning. Before pursuing journalism, he studied philosophy as an undergraduate, English literature as a graduate student, and business and economic reporting at NYU’s professional program. You can connect with him on Twitter and Telegram @danielgkuhn, or find him on Urbit as ~dorrys-lonreb.