While one of the main features of cryptocurrencies is the provision of the users’ privacy, there is a downside to the privacy concept, payments in these networks are decisive and irrevocable once executed. Counos ESCROW Services aim to provide the users with a high level of assurance in order for the processed payments to be secured against any misconduct and the crypto assets to be safeguarded from any misappropriation. ESCROW is the form of a financial instrument which is held by a third party on behalf of the grantor and handed over to the grantee of such financial instruments only upon the fulfillment of the contractual obligation entered by and between two parties conducting a business transaction. In other words, the ESCROW is a third party which is taking over the role of a guarantor for another third party. The ESCROW Agent safeguards the assets of each party. The Agent controls to verify that the contractual obligations and commitments have been satisfactorily fulfilled in accordance with the instructions received. With the utilization of our ESCROW Services, the users are protected from any misconduct from another party. Our service is solely limited to the ESCROW of cryptocurrencies. By using our ESCROW Services, you are able to invite parties into a transaction, make a legal binding contract and execute payments via the use of Blockchain technologies. Buyer, seller and the ESCROW Service provider create a new shared wallet with their own private keys. This new wallet, which is developed using Multisig capability, will only allow the withdrawal of a balance subject to ESCROW when at least two out of three of its creators confirm the outgoing transaction.
In fact, three signatures are created and the entire trade fee will be deposited in this wallet. If the buyer and the seller come to final terms with the balance transfer, the cost will be transferred to the seller’s account without the need for a traditional and costly ESCROW system.
Try our service