Monero Atomic Swap Project Raises Over $290k in 48 hours

News / 14.10.2020

A project seeking to develop Monero Atomic swaps has raised $293,000 in 48 hours.

Monero Space, a project focused on developing the Monero ecosystem, had tweeted a link to the fundraising page on October 12, which sought to raise around 2727 $XMR through crowdfunding. The Monero Atomic Swap has gained increasing traction within the Monero community, with key influencers promoting the fundraiser.

So far, the community has reacted positively to the project, with about 2295 XMR ($293,000) raised in 48hours.

Monero Atomic swap seen as a game-changer

Monero is regarded as one of the best cryptocurrencies for anonymous payments, but this has not come without problems. Government regulations have forced several centralized exchanges to delist Monero on their platforms.

Monero Atomic Swap implementation will make such banning mechanism ineffective since Monero would be available to anyone who can acquire Bitcoin, which is ubiquitous, and swap the coins online. Bitcoin holders that want privacy can easily make a direct transaction with each other using Atomic swaps.

The developers working on the project highlighted the potentials of the Atomic swap implementation on the fundraising page. They believe that the crypto-ecosystem moves towards interoperability, and Atomic swaps can facilitate seamless transactions between Monero and other blockchains.

Monero Atomic Swap would use trustless technology to ensure that transactions are without risks for both parties. The Monero ecosystem would also benefit from the project, as there would be multiple libraries needed to support the full protocol.

Confusion regarding the source of crowdfunding

The funding source has caused a major discussion on Twitter, with a user believing that a huge chunk came from a single donor.

MoneroGermany, a Monero advocate, tweeted that about $260,000 came from a single person. He further revealed how he came to this conclusion when quizzed by some Monero enthusiasts.

‘’I just looked two hours ago and it was like 40 XMR raised. So I assume there was a single donor. Just my guess but I think this is the possibility’’

His reply caused a stir because Monero is known for its privacy feature, making it difficult to track transactions.

A key Monero influencer XMRoutreach had to clarify this stance by stating that it is impossible to see individual amounts of donations.

Olowoporoku Adeniyi is a blockchain enthusiast and crypto evangelist. Currently he loves all things crypto and covers happenings within the blockchain space.