Market debuts are always ridden with an element of uncertainty and doubt but Ethereum-based cryptocurrency exchange, Airswap, managed to rope in more than $1 million in transactions on its very first day of operations. While Airswap may be a new player within the burgeoning crypto market, the team that backs the company is replete with experienced members of the digital-currency domain.

The New-York venture is headed by Michael Oved, a former trader at high-frequency trading firm Virtu Financial Inc. Similarly, Airswap also has onboard people like Joe Lubin who is one of the co-founders of the Ethereum Blockchain as well as Michael Novogratz, the present CEO of crypto-banking service, Galaxy Digital. In its core essence, Airswap serves as a digital market forum where buyers and sellers cannot identify one another for reasons related to individual privacy and anonymity.

Users have to find each another by posting ads on bulletin boards where they have to mention what exactly it is that they would like to sell. Through the use of smart contracts, trades are executed with a high degree of security and decentralization.

Talking about the core benefits of Airswap, Richard Johnson from Greenwich Associates had the following words of praise: “What’s novel about Airswap is that there’s no New York Stock Exchange or Nasdaq type entity in the middle, setting rules. That’s cool, we haven’t seen that before.” Similarly, Michael Oved also expounded on AirSwap’s unique hands-on approach model: “Airswap does not manage or ever touch user funds.

It works simply as a software platform for discovery of peers with whom users can swap tokens on a peer-to-peer basis through ethereum smart contracts. There is no central exchange hub or clearinghouse. Read more from cryptoslate.com…

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