Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
The partnership stems from a conversation that happened in 2019 between the parties.
Crypto wallet company Trezor, has in a recent report partnered with privacy project Wasabi to bring on board CoinJoin mixing to its hardware wallets. Coinjoin exists as a coin mixer that obscures the origin of Bitcoin transactions by grouping them. The idea for this move is to improve transaction privacy by enabling users to use CoinJoin on their Trezor devices. It should be mentioned that Wasabi wallet uses CoinJoin technology and was made by zkSNACKs.
“You will be able to join our zkSNACKs Wabisabi CoinJoin rounds with your hardware wallet in the Trezor Suite application,” announced Wasabi Wallet contributor Rafe.
According to Rafe, the move by Trezor was a calculated one and was based on the record that “this is the most advanced CoinJoin protocol” out there.
zkSNACKs as well as the team working on the Wasabi wallet argues that crypto privacy is undoubtedly more relevant now than ever, as the financial transactions of citizens could be under heavy monitoring with the increasing government surveillance. However, crypto exchanges like Binance have blocked withdrawals to Wasabi wallets, while most automated traders including QProfit are unclear on their positions on mixed Bitcoin.
Karo Zagorus, the community and reputation management leader at zkSNACKs disclosed that the partnership stems from a conversation that happened in 2019 between the parties. According to him, this is a phenomenal achievement.
zkSNACKS is currently working on tools that make Bitcoin more private as claimed by reports.
Coin Mixers Gaining Popularity but Are Increasingly Used by Criminals
A recent report published by Chainalysis establishes that mixers are processing more cryptocurrencies than ever. On April 19, 2022, it was observed that the 30-day moving average value received had reached an all-time high of $51.8 million in cryptos. DeFi protocols contributed massively to this activity in terms of value and share of all volume sent to these mixers.
Regardless of their purpose and importance to the crypto community, it is said to be frequently used by criminals. The report disclosed that illicit addresses accounted for 23% of funds sent to mixers this year. The US authorities also find mixers a huge threat to their anti-money laundering policies. It can be recalled that Tornado Cash was recently sanctioned by the US government for being used by hackers and sanctioned states to conceal transactions. The coin mixer was used to make Ethereum transactions private.