• Bitcoin can be swapped anonymously for Monero on the decentralized exchange Incognito.
  • The exchange does not collect any personal information, which means that the exchange can be used completely incognito.

Privacy and anonymity are the values of today’s society, which has recently seen an increase in demand. That is why so-called “Privacy Coins” such as Monero, Dash or Zcash have experienced a new heyday, as more and more people want to decide for themselves who receives information about their payment activities. According to its own statement, the exchange Incognito enables to provide 100% anonymity for all users.

Swap Bitcoin for Monero, Dash or Zcash on Incognito without verification

Incognito is a decentralized exchange whose use is possible without verification. This means that all users retain control over their own data and information and do not have to pass it on to governments or other institutions. The exchange transfers all cryptocurrencies to a separate blockchain, the Incognito Chain, which is indecipherable, unlike a public blockchain.

A few hours ago, the company announced that Monero would be added to the portfolio, allowing users to exchange Bitcoin anonymously for the Privacy Coin. Andrey Bugaevski, Head of Innovation at Incognito, describes in the latest announcement that Bitcoin can be swapped anonymously for Monero:

I’m happy to announce that we have launched a bridge to the Monero blockchain, and that XMR has been added to the pDEX (the first ever privacy DEX). This means anyone can buy and sell Monero anonymously, without a trace.

Users of pDEX (Incognito) can trade Monero for hundreds of other assets, including Bitcoin, Ethereum, USDT, DAI or NBB. All ERC20 and BEP2 tokens are also supported. No personal information needs to be disclosed during the registration process, so there is no identity verification, as is usually done on exchanges like eToro or Coinbase.

The exchange does not collect any data about transaction amounts or information about the buyer or seller, everything should be completely anonymous. Bugaevski says:

All trades and traders benefit from complete confidentiality: no KYC, no records of buyers, sellers or transaction amounts. No third party risk – you control your money and hold your own private keys.

Incognito is meeting with growing demand, but its use is likely to be problematic in some countries. In the context of the new money laundering directive within the European Union or the “travel rule” of the Financial Action Task Force, crypto exchanges are required to collect personal information about their customers.

Regardless of this fact, not all experts in the industry are convinced of total anonymity. For example, a pseudonymous developer of the LocalMonero platform “Alex” describes that the use of the exchange is not completely anonymous. There is always a point of entry and exit from the Bitcoin or Ethereum blockchain.

In his opinion, the only way to cover all traces is to use only the Monero network without leaving a trace in the BTC or ETH block chain. Whether Incognito will find a large user base remains to be seen.

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This article was originally published on Crypto News Flash