Gluwa Integrates with ConsenSys’ ITX, Up to 15% Cheaper Transactions

Place/Date: San Francisco, USA - September 1st, 2021 at 12:28 pm UTC · 3 min read
Contact: Press, Source: Gluwa

Gluwa Integrates with ConsenSys’ ITX, Up to 15% Cheaper Transactions
Photo: Gluwa

Gluwa, a blockchain-powered platform for borderless financial transactions, now supports integration with Infura Transactions (ITX), a high throughput transaction relayer service designed to optimize the Ethereum transaction settlement layer. The integration with ITX, which is designed by ConsenSys, is expected to help Gluwa with retry and relay services as well as optimize gas management on its platform.

The optimization of settlements will be achieved by minimizing stalled or dropped transaction instances in parallel with reduced gas costs by employing an incremental bidding process. Users should expect to pay 10-15% less for ETH transactions following the integration. The integration with ITX is also expected to minimize dropped transactions and retry instances that involve higher gas fees after a transaction remains pending in a prolonged interval.

Once ITX verifies the existence of sufficient gas tank balance, it then locks a portion and relays the transaction to the Ethereum network. The Gas tank balance gets reduced for the transaction costs and fees after the transaction is mined.

Gluwa Founder and CEO Tae Oh said:

“At Gluwa, it is our belief to constantly strive to improve the experience for our users. By integrating ITX, our users no longer need to worry about dropped transactions or retry functionality that causes higher gas fees when a transaction is pending for a long time.”

Designed by ConsenSys’ Infura, ITX aims to simplify Ethereum transactions by managing edge cases for transaction delivery and securing the mining of transactions by reducing the burden on the developers that had to handle complex gas management operations.

The Gluwa financial platform is designed around the decentralization of financial infrastructure that aims to ensure easier access to global investment opportunities. It offers several features aimed at helping its global pool of customers take control of their finances, particularly if they reside in areas with limited or non-existent banking services.

These features include Gluwa Invest which lets users access investments in unbanked and underbanked regions and the optimization of return rates associated with them; Gluwa Wallet which supports low cost transfers and the use of stablecoins; Gluwa Capital platform focusing on the borderless economy and the expansions of the users’ loan books; Creditcoin, which supports linking loan portfolios to public blockchains and using associated apps; and Credal, which offers the same type of Infura-Ethereum functionality for the Creditcoin blockchain.

About Gluwa

Gluwa is a borderless financial platform based in San Francisco. Created to provide access to valued currency, credit, or investment opportunities that are free from national boundaries, the venture employs a global team distributed across the US, Canada, South Korea, and elsewhere. Gluwa offers a noncustodial cryptocurrency wallet, exchange, and investment products and boasts over 2 million users worldwide.