Not all the users have been happy with increasingly tight government regulations and Know-Your-Client policies on the exchanges. Not to mention the hassle of transferring the crypto to and from the exchange just to swap some coin for another to diversify the portfolio. Now a new application by the name Faast promises to allow users cross-chain swaps without leaving the secure environment of their wallet app or hardware wallet.
Faast is a new open-source application, published by the portfolio management platform with the same name. Right now the app is still in beta, but it shows a great promise because of the integration with popular wallet applications and two hardware wallet devices Ledger and Trezor.
Now the users won't have to go through the unneeded steps of transferring their crypto to the exchange to diversify their holdings. And let's not forget that it's not only a pain to do so, but also each transfer has the accompanying fee attached, and users have to give up their anonymity to register on the platform of their choice. Not to mention the possibility of losing the hard-earned crypto to another hack.
While all of the above warrants the attention by itself, one of the main advantages of Faast, compared to other services with the same functionality, is a wide variety of supported coins. Over 130 coins already have been added with more to come soon, if everything goes according to the plans laid out by the developers.
Removing the exchanges in their middlemen role is not only advantageous in terms of money saved on transfer fees, but also serves to further decentralize the cryptocurrency environment. While lots of traders are quite comfortable with the existing order of things, some users may find this a compelling notion.