A Beginners Guide to Coinswap

Blockchain technology has made a definite difference in how financial activities are carried out, adding finesse, swiftness and security to how transactions are carried out. Several use cases within the crypto ecosystems have been developed to help users make the most of the revolutionary system, eliminating the need for third parties during transactions while providing financial inclusion to everyone. 

One major use case is performing currency swaps. Swaps are an in-wallet crypto-to-crypto exchange, allowing users to easily exchange one cryptocurrency for another without leaving their Blockchain.com Wallet. This is carried out on Decentralized exchanges (DEX) like Binance, Okex, Coinbase etc.   

Coinswap is an example of the core DeFi ecosystem, the decentralised exchange or DEX –built on the Binance Smart Chain network. 

What Is Coinswap? 

Coinswap is the first decentralised swap protocol to integrate a fiat onramp as part of its service, known as Ramp – a fiat onramp that does not require any proof of address to be uploaded by its users. This merged partnership allows users to purchase crypto through Coinswap Space directly to their Metamask or other wallets using a credit card or bank transfer. With Ramp, it is the first DEX to implement these kinds of crypto purchases directly onto non-custodial wallets. 

The Ramp system also includes a token burn fee which is included to keep the token deflationary in nature. This fee collected from the transactions will be used to decrease the circulating supply which will eventually help the investors as the price of the token increases. Apart from the 2.49% Ramp fee, and 0.18% Network fee, Coinswap charges a 0.97% CSS token burn fee.