found themselves in a tight spot. It was the start of the global pandemic, and they were running out of funding, having worked to build products for three years during a bear market.
To top it all off, Bitcoin’s value had just dropped to a historic low of $3,000. “We were staring down the barrel of death, basically,” Harman recalls. It was clear that to survive the team needed to develop new products—ideally, ones that operated in a different market than the privacy space. Oxen’s encrypted messaging app,, had just been released; that platform would ultimately gain a great deal of popularity, boasting some 700,000 monthly users.
Join the community where you can transform the future. Cointelegraph Innovation Circle brings blockchain technology leaders together to connect, collaborate and publish.Harman explains that there’s also a lack of efficient market structure to facilitate these currency swaps at any sort of scale.
Moreover, while other products may have architectural similarities, Harman explains that Chainflip’s markets are structured completely differently. “We’re much less restrictive on liquidity and pricing. We introduced limit orders and things like this to take advantage of liquidity on centralized exchanges and other markets as well. The way the threshold signatures work and the chains we are supporting are different than anything else available.
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