Reef Finance, the builders of the Ethereum VM-compatible smart contract blockchain called Reef Chain, announced an upcoming integration with ethbox, an on-chain escrow platform that prevents lost funds due to setting an incorrect recipient address! Instead, ethbox users set up a transaction, insert the recipient’s address, set an optional passphrase, set the transaction value, and send.
This integration will bring an amazing escrow service onto Reef Chain, granting a greater number of users the ability to utilize ethbox’s escrow services and benefit from its signature transaction protection with reversible transactions, trustless OTC trading, and privacy-enhancing features. Transactions can be cancelled at any time, as long as the recipient has not yet claimed the funds.
“The ethbox team understands the pain one can experience when they realize they have sent a large amount of money back to a token contract address, an exchange wallet that doesn’t support the token sent, or accidentally burning tokens. We have solved this challenge by creating ethbox’s escrow service, ensuring that only an intended recipient can claim the funds. We are really excited to bring our core protocol to Reef Chain, and enabling many B2B products as well,” said Lukas Schiefer, co-founder of ethbox.
Working closely with ethbox, this service will enable Reef Chain users to save on fees thanks to Reef’s low cost transactions, enable greater usability for businesses thanks to ethbox’s B2B DeFi services like in-wallet staking, and more thanks to ethbox’s roadmap of upcoming products.
“All of Reef Finance is happy to see ethbox join the Reef builder community. This is a great service that will help prevent people from losing funds again. There are too many stories of people sending tokens to the wrong address, only for those funds never to be reclaimed. I hope every Reef user takes advantage of ethbox when it launches on Reef Chain!” says Denko Mancheski, CEO of Reef Finance.
The ethbox team will deploy its on-chain escrow service in the coming weeks to Reef Chain, and are eager to continue adding more products to the current offering.
ethbox at its core is a set of blockchain tools that gives customers everything they need to send, receive and trade digital assets in a safe and secure manner and empowers businesses to adopt flexible, reliable crypto services into their offerings. Users no longer need to worry about sending transactions to the wrong address, or ensuring that their transactions are secure and private — ethbox has you covered. ethbox gives token and NFT holders the ability to conduct private trades without the need for a centralized exchange. Trustless, no account setup, no red tape — Just connect your wallet and start using it.
About Reef Finance
Reef Finance is building Reef Chain, a DeFi blockchain built using Substrate Framework. Reef Chain provides high scalability, enabling almost instant low-cost transactions, and supports Solidity and EVM, allowing developers to seamlessly migrate their DApps from Ethereum without any change in the codebase. Our vision is to make DeFi easy for everyone to invest in and build DeFi applications on top of Reef Chain.
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