Even now in 2020, being a cryptocurrency user can be convoluted. If you want to buy an altcoin and store it in your own wallet away from an exchange, it could take up to three separate transactions if you’re not already holding some BTC or ETH.
Of course, centralized exchanges have no incentive to address this. They want your funds in their wallet because you’re more likely to trade them, handing over trading fees in the process. Even the concept of exchange tokens is somewhat back-to-front – you have to invest in the exchange token to get your money back in fee discounts.
DEX’s present an alternative, but many aren’t particularly user-friendly, especially for newcomers. Now, there could be a different solution in the form of a new app from Swiss-based EBO. The EBO Ethereum Crypto Wallet is now available for download in Apple’s App Store. As an open finance initiative, the EBO wallet combines the services of an exchange, wallet, and blockchain explorer in a single user-friendly interface.
Back in 2017, one of Ethereum’s earliest supporters, Terrence Sullivan, founded a company called Blockchain Exploration GmbH. The company’s first launch last spring was the Etherblockchain.io website, including a full-featured Ethereum Blockchain Explorer alongside a decentralized Ethereum Token Exchange powered by 0x. These two applications now provide the infrastructure for EBO.
EBO is available via Chrome browser or as an iOS application. Using the EBO interface, users can buy, sell, or trade cryptocurrencies with low transaction fees and no charges for deposits or withdrawals. The entire underlying infrastructure is decentralized, based on Ethereum. Therefore, users keep custody of their cryptos at all times and don’t have to put them in the control of an exchange.
The user interface is extremely straightforward, only involving a single click to make a trade. The exchange and the wallet are integrated within the app, meaning users don’t need to navigate multiple transactions to put their funds where they want them.
Over recent years, crypto exchanges have been targeted by regulators. For example, Coinbase was compelled by a legal injunction to hand over customer data to the IRS. Many users in the US have been all but frozen out of particular altcoin markets due to exchanges delisting tokens in fear of legal action.
EBOs underlying protocols are entirely decentralized, meaning the app is open to everyone in the world. Any user in any country has access to trading 24/7. Furthermore, there is no sign-up or KYC required, meaning your cryptos are your own. EBO offers users a vast range of tokens, including BTC, ETH, and the entire suite of Ethereum-based tokens.
Being able to perform simple trades without using an exchange is a long-overdue development. Crypto exchanges still have plenty of scope for offering margin trading, derivatives, or a launchpad for new tokens. However, the advent of services like EBO represents a sea change with a more secure, lower-cost, and more straightforward way to participate in the cryptocurrency ecosystem.