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RocketX Extends the Swap2Any Wallet to Popular Self-Custody Wallet, Coinbase

A recent academic article has stated that although, “there is increasing interest in crypto assets, the credit risk of these exchanges is still relatively unexplored”. The academics decided to remedy this lack of research by analyzing a dataset of 144 exchanges which were active from the first quarter of 2018 to the first quarter of 2021. They analyzed these exchanges by investigating, “the determinants surrounding the decision to close an exchange using credit scoring and machine learning techniques”. The academics concluded that the following categories were explanatory variables across multiple models of analysis: “Cybersecurity grades, having a public developer team, the age of the exchange, and the number of available traded cryptocurrencies”. To add further robustness to their results the academics accounted for additional variables such as the country of registration of the exchange and whether the exchange is centralized or decentralized. 

RocketX and the Swap2Any Wallet Feature

Many cryptocurrency users are looking for ways to have 100% control of their tokens instead of relying on centralized exchanges. As the saying goes, “Not your keys not your tokens.” RocketX wanted to solve this problem for crypto users and as a result extended support to yet another “non-custodial” DeFi wallet Coinbase. RocketX have developed the Swap2Any Wallet feature that helps users to swap digital assets from ANY non-custodial wallet to ANY wallet of user’s choice with ease. This has the benefit of saving the user both time and money. 

There are many ways in which this feature can be leveraged for a number of different purposes. One such example is gifting crypto assets. In this example a crypto user has Ethereum and they would like to give DogeCoin to their children. This user would be able to complete the transaction in one click and would not need to use multiple exchanges and pay multiple fees. Another example would be a company with crypto currency in say Bitcoin and they would like to pay their employees in stable coins like UDSC or USDT. Instead of having to first convert the crypto and then transfer it, this could be achieved in one transaction using Swap2Any wallet. 

RocketX has set themselves the mission to solve one of the biggest problems in the crypto space, that of accessibility. They are solving this problem by providing crypto users with the ability to access all crypto exchanges via a single UI, this includes both CEX and DEX. RocketX aggregates all of the different exchanges so that the user is able to get the best price they can for every swap. Additionally, RocketX as a hybrid exchange is giving its users the ability to access all crypto networks at a single click by aggregating in an effort to ease the interoperability between different blockchains. 

The second big problem which RocketX are addressing is the problem of custody. This refers to a wallet which takes ownership or control of the crypto which a user holds in  it. RocketX is solving this problem by simplifying access for crypto users and allowing crypto users to access any exchange using their non-custodial wallet which they can choose for themselves. As was mentioned, RocketX have extended their Swap2Any wallet feature to the Defi wallet Coinbase. This is an extremely popular wallet as it has over 5 million downloads on the android play store. 

The Coinbase Wallet is a self-custody wallet which gives its users complete control over their crypto assets. This means that the private keys which represent ownership of cryptocurrency for an individual’s wallet are stored on that individual’s mobile device instead of a centralized exchange. 

RocketX is the first multi blockchain CEX and DEX aggregator. This helps its users to swap any crypto token on any blockchain with the best rates across hundreds of exchanges. RocketX is on the mission to increase interoperability between blockchains and simplify multi blockchain transactions. They achieve this mission by enabling cross blockchain swap and the bridging of native assets across multiple exchanges and wallets using a single UI.

The CPO and Co-Founder of RocketX Exchange Domendra Verma, has stated that, “The Swap2Any Wallet feature of RocketX, supporting Coinbase DeFi wallet means that the users can in one-click, swap within Coinbase wallet itself or initiate swap from Coinbase wallet to any other DeFi or even centralized wallet. This eases the interoperability between different wallets to save both gas fee and time for the end users.”

Final Thoughts 

The wallet Coinbase is now available on the RocketX Exchange which helps users to own their digital assets 100% and facilitates its users ability to utilize Swap2Any wallet feature along with crypto currency trading. The RocketX exchange allows users to swap crypto across 200+ crypto exchanges, using any wallet for a seamless transaction via their intuitive UI. This means that crypto users will not need to toggle between multiple exchanges and pay multiple gas fees for transitions which have multiple steps required to perform them.

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