Loopring announced they will release an iOS version of their wallet, named Loopr on July 7th. This will allow users to trade using the Loopring protocol. iPhone users will now be able to make decentralized trades of their ERC20 tokens in the Ethereum-based app.
With several attacks on centralized exchanges in the past few months, decentralized exchanges have started to gain more support. However, not a lot of decentralized exchanges have gone live.
Enter Loopring, a protocol for creating decentralized exchanges, which will support ERC20 tokens within the confines of the iOS app. Loopring can run on any blockchain that uses smart contracts. Within the app, users will be able to create orders without sending any tokens to a third party. Each order is signed with the users’ private key and no deposits are required.
The Loopr app will also be supporting P2P trading via QR codes. The app will generate a QR code to be scanned by the other user to complete the order. These kinds of orders won’t be submitted to order books and require the QR code to be scanned to complete the order.
Daniel Wang, the Loopring CEO said that:
“Sending tokens to blockchain addresses is much easier than making a bank wire transfer; trading tokens should be as simple. There is no more trust, deposit, nor withdrawal. In the worst case, when a DEX or relayer goes out of business, we can still relax because our crypto-assets are secure and we can always cancel existing orders with another wallet.”
He also added :
“Decentralized exchanges and non-custodial wallets can work together to provide crypto traders with a much better trading experience. Imagine when users can use their wallet apps to scan a QR code to ‘log into’ a DEX website that doesn’t hold any of their crypto-assets but only the orders associated with their addresses. None of these operations will demand user’s trust.”
Loopring is also working on another wallet, this time a web-based one. Dubbed Circulr, it will have the appearance of a centralized exchange all the while offering decentralized trading. Loopring has completed design and will release the app in August, once full implementation has been completed.