Corporate Finance, DeFi, Blockchain, Web3 News
Corporate Finance, DeFi, Blockchain News

Kirobo announces $1 billion processed via its Undo Button, $6 million saved

Kirobo, a leading provider of cryptocurrency solutions, recently announced an impressive milestone of $1 billion worth of cryptocurrency processed through its Undo Button mechanism.

• $1 billion worth of crypto transfers processed with Undo Button mechanism
• $6 million saved by 200 successful retrievals
• Undo Button makes BTC, ETH, and ERC-20 transactions retrievable

In addition, approximately 200 transactions were successfully retrieved, meaning Kirobo’s Undo Button saved its users around $6 million worth of cryptocurrency that would otherwise have been lost forever.
These impressive figures demonstrate a real market need for a safer way to transact.

"We are very proud, but not at all surprised, to witness such a rapid rate of adoption. The ecosystem was gasping for a way to make transactions safe and easy, and our Undo Button provides this in a foolproof manner," said Asaf Naim, Kirobo CEO. “I’d also point out that of the $1 billion, $61 million was processed in only one day, demonstrating how scalable we are – this solution is going to change the way people interact with cryptocurrency worldwide.”

Due to the decentralized format of blockchain technology, cryptocurrency transactions have no central authority to back up funds sent to the wrong address through error or fraud. It's estimated that almost four million bitcoins have been lost so far, an enormous amount of money given Bitcoin’s current market value.

A solution to the losses caused by human error was sorely needed, and Kirobo's Undo Button makes Bitcoin, Ethereum, and ERC-20 transactions retrievable.

As the name implies, the Undo Button allows a sender to cancel a transaction if something isn't right, while ensuring the legitimacy of transactions with a multi-stage password. The Kirobo server does not hold user funds at any point in the process, and transactions are retrievable even if the Kirobo server goes down.

"The authentication mechanism is divided between the users, the smart contract, and the Kirobo server, making breaches impossible," said Tal Asa, Kirobo CTO. “We’re giving people the best of both worlds – the freedom of decentralized currency with the safety net of a central server, but without any risk of a data breach.

Kirobo is the only firm to have received two grants from the Israeli Innovation Authority and has more product releases on its Q3 roadmap.

About Kirobo
Kirobo's mission is to make cryptocurrency an everyday tool that everyone can use with confidence. We achieve this with user-friendly products that remove the risk of human error and fraud from cryptocurrency transactions, making crypto management as safe as can be. Kirobo is the proud recipient of two grants from the Israeli Innovation Authority — the only blockchain technology company to achieve this.

Vendredi 16 Juillet 2021