MyEtherWallet and Kyber Network launched a token-swap feature allowing users to convert Ether into twenty different ERC20 tokens, including KNC, EOS, OmiseGO, and DAI, without withdrawing from their M
MyEtherWallet and Kyber Network launched a token-swap feature allowing users to convert Ether into twenty different ERC20 tokens, including KNC, EOS, OmiseGO, and DAI, without withdrawing from their MEW wallets. MEW is the first Ethereum wallet provider, while Kyber operates as the first decentralized, on-chain exchange.
The partnership arrives amid Ethereum's peak market value of $68.9 billion in the fourth quarter of 2017. Neither platform collects or stores user data, meaning everyone retains complete control over their private keys and assets.
Kosala Hemachandra, MEW's founder, said, "This exciting collaboration is founded on a shared goal of protecting the privacy of our users, while making the cryptocurrency trading experience fluid and enjoyable." Kyber Network's founder and CEO, Loi Luu, added, "People around the globe know and trust the MEW brand, whether they are using the platform to set up wallets, or to send and receive money from other users. This major partnership with MEW affirms our commitment to every individual who holds cryptocurrency and cryptotokens to keep delivering the seamless and secure token swap experience they have come to expect from Kyber Network."
MEW serves millions of users each month. By embedding Kyber's blockchain into the wallet, the partnership offers advantages over competitors like Exodus, which relies on the centralized exchange ShapeShift. Since Kyber runs on Ethereum itself, it distributes user assets across the blockchain rather than concentrating them on centralized servers run by a single company. This approach provides both security and privacy that centralized alternatives cannot match.
Hemachandra stressed the importance of data protection: "We refuse to collect user data as we want to honour the principles of blockchain technology, of which privacy is paramount."
MEW and Kyber plan to expand the feature by mid-2018 to support token-to-token swaps between ERC20 tokens. By the end of 2018, they aim to enable cross-chain token conversion, allowing users to exchange Ether for assets on different blockchains without removing funds from MEW.
