Now You Can Swap Crypto In Your ZenGo Wallet
TL;DR: ZenGo now supports crypto swaps which allow you to cheaply, quickly, and conveniently exchange Bitcoin, Ethereum, and other cryptocurrencies without ever leaving the safety of your ZenGo wallet.
We’re excited to announce support for crypto swaps directly in your ZenGo wallet. Now, in just a few taps, you can exchange one crypto asset for another without ever leaving the safety of your wallet. You can swap between several different assets including Bitcoin, Ethereum, Tezos, USD Coin, and more. Moreover, swapping on ZenGo is cheap. As a launch special, processing fees are just 0.125%.
Swaps make everything easier, whether you’re frequently spending your crypto or storing it in ZenGo Savings to earn interest. Explore below different ways you can use this exciting new feature.
What Are Crypto Swaps?
Swaps allow users to exchange directly between supported cryptocurrency pairs. Want bitcoin but only have ether? Select the assets, tap the swap button, and voila!
Now you have bitcoin.
Swaps are extremely convenient since they happen fast and don’t require leaving your ZenGo wallet. With ZenGo Swaps, you own your assets immediately after the swap without any cumbersome withdrawal process.
Swaps are cheaper, faster, and more convenient than the equivalent process on an exchange (where you would have to deposit an asset, trade it for another asset, and withdraw the funds back to your wallet). When you consider the cumulative cost of exchange and withdrawal fees, swapping in ZenGo is even more attractive.
How do swaps work in ZenGo?
We support a broad set of trading pairs in the app.
In many wallets, you can only swap cryptocurrencies that are built on the same blockchain (such as swapping ether with any ERC-20 token). But with ZenGo, you can trade any ZenGo-supported asset for any other ZenGo-supported asset. This includes, for example, swapping between Ethereum and Bitcoin or Bitcoin and Tezos. This is made possible by ZenGo’s integration with Fox.exchange.
ZenGo Swaps are extremely simple to use and convenient. The exchange rate is locked in at the beginning of the swap process, protecting you from price movements while it happens. No need for a complicated withdrawal process, particular sign-ups, or cumbersome document submissions.
How Do Swaps Differ From Trading on an Exchange?
Without swaps, you would need to set up an account and trade on an exchange. With ZenGo Swaps, you don’t need to store your crypto on an exchange in order to make trades, nor do you have to transfer your crypto anywhere. And obviously you do not need to create an exchange account, submit documents, or wait for approval.
Swaps are also much faster and more convenient than trading. There’s no transfers to worry about and no annoying and expensive network lag time when depositing or withdrawing.
How Can You Use ZenGo Swaps?
We’re sure there are many ways of using swaps that we haven’t thought of yet. But here are some concrete ways you could make use of this new ZenGo feature today.
1. Save time and money
In crypto, time is money. Trading cryptocurrencies allows you to profit from rapid price movements. Unfortunately, trading on exchanges is cumbersome since you need to send your crypto to the exchange, wait for your account to be credited, manage the order books, and withdraw your crypto once again.
Just a few minutes can mean missing out on opportune trading moments. Swaps lock in the price instantly and work far quicker than transferring to and from an exchange. This is ideal for swing traders – those who trade a couple of times a week or less. Swing traders can even convert to stable coins to lock in profits and move back to the original asset when the price is more favorable – all with the tap of a button.
2. Simplify online payments
ZenGo swaps allow you to easily convert funds for online payments to save both time and money. Many online vendors who accept crypto only accept certain cryptocurrencies. Converting through an exchange to a supported currency can be time consuming and expensive. Swaps make it easy to convert to whichever asset is accepted.
If the merchant takes multiple currencies, you can see which crypto has the shortest current transaction time and convert your currency right before you send it to speed up your transaction time considerably.
3. Fill up with gas with only a tap
If you want to begin earning interest on your crypto holdings through ZenGo Savings, you’ll need a small amount of ETH (what is known in the industry as gas) to pay for the transaction. Small amounts of crypto are very difficult to reasonably acquire on exchanges. Swaps present a perfect way of acquiring this gas.
You can swap a small amount of any currency for ETH for only pennies and use this as the gas. This also applies if you want to make use of any of the available DApps on Ethereum since they all require gas as well.
Swaps Are All About Usability and Convenience
Swaps give ZenGo users exciting new functionality. Now, from your ZenGo wallet on any mobile device, you can trade or convert cryptocurrencies quickly, conveniently, and cheaply.
Check out ZenGo Swaps in your wallet today. We’re excited to hear about how you’re using this new feature.