Recently, the integration of Hodl Hodl, the P2P bitcoin exchange, with Trezor, the hardware wallet company, was announced. The goal behind this integration, according to both companies, is to favor the privacy of person-to-person transactions in the Trezor ecosystem.
One of the features of Hodl Hodl is that it is a non-custodial platform, which means that the user’s funds are not stored in the exchange. This makes it difficult for funds to be stolen in the event of a cyber attack.
Because it is a non-custodial platform, Hodl Hodl does not have to go through rigorous compliance processes. So users can trade without the need to share personal data, as is the case with KYC (Know Your Customer) verification, which is a prerequisite for trading on most exchanges today.
Although identity verification is implemented to prevent crimes such as money laundering and fraud, it compromises user privacy. Even if the company assures that it will not share customer data with third parties, there is always a risk of data leakage.
Exchange bitcoin without sharing personal data
The lack of privacy in most exchanges is one of the problems that companies like Hodl Hodl and Trezor are trying to solve with the recent integration.
In addition, they want to offer a more convenient and comfortable user experience, so that more people have access to Bitcoin technology.
Matěj Žák, product manager at Trezor, commented, “When consumers buy bitcoins on an exchange, they expose themselves to a high level of risk and lose privacy. The integration with Hodl Hodl gives our users more choice and control over where they feel comfortable exchanging their cryptocurrencies.”
Through the Trezor Suite app, users can exchange bitcoin directly from their wallets with Hodl Hodl. When exchanging, the platform locks the funds into a multi-signature escrow where the seller and buyer are the only ones with the key.
Upon completion of the transaction, both parties sign and the funds are released into the buyer’s Trezor wallet.
Hodl Hodl CEO Max Kei said, “Being able to exchange bitcoin within the Trezor Suite app directly from a hardware wallet is like finding the missing piece of the puzzle.”
He also commented that, being a non-custodial exchange, the security of the funds is left in the hands of the users, and recommended them to be more conscious of the way they store and exchange their cryptoassets.
The company responsible for this integration is Invity.io, which offers a tool for comparing cryptocurrency exchanges. In this way, users can get the best price for buying or selling.
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