Users of the popular hardware wallet Trezor can now buy and sell bitcoin with no identity verification procedures directly from their devices, thanks to a new integration with peer-to-peer trading platform Hodl Hodl.
Hodl Hodl leverages multisig, a type of Bitcoin address that shares the control of funds with different users. More specifically, multisig works by requiring multiple signatures to approve the movement of funds.
In Hodl Hodl’s context, multisig ensures the platform doesn’t need to take custody of users’ funds, enabling a true peer-to-peer transaction between buyers and sellers. The buyer, the seller and the platform each hold one key, and two signatures are needed to move funds. Usually, that means only buyer and seller need to sign the Bitcoin transaction after the BTC is paid for, however, Hodl Hodl’s key can act as an arbiter in the event of a dispute.
Compiled by Metacrunch. Metacrunch is a news complier and aggregator platform which aims to spread awareness and updates on Metaverse, Web 3.0 Technology, Blockchain, Cryptocurrency, NFTs, Airdrops and many more.
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