SiennaSwap adds Bitcoin, Monero trading pairs in push for privacy-focused DeFi

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Cross-chain DeFi protocol Sienna Community has enabled Bitcoin (BTC) and Monero (XMR) buying and selling pairs on its decentralized change, giving customers the power to transact privately in two of the world’s most recognizable cryptocurrencies. 

Efficient instantly, customers of the privacy-focused SiennaSwap DEX could have the power to commerce BTC and XMR in opposition to the protocol’s native Sienna token, chief evangelist Monty Munford confirmed with Cointelegraph. The choice to include Bitcoin and Monero transactions follows a “enormous quantity of requests for added yield choices” from each communities, he mentioned.

Sienna’s infrastructure is constructed on the Secret Community, a customized blockchain that helps personal transactions however, maybe simply as critically, doesn’t endorse buying and selling methods primarily based on anonymity. Regulators have forged a darkish shadow over cryptocurrencies that present enhanced anonymity, with a number of exchanges transferring to delist privacy-centric cryptocurrencies XMR, Zcash and Dash earlier this yr.

As a part of its mandate, Sienna Community is attempting to supply an surroundings the place crypto transactions are saved personal with out the added stigma and regulatory implications of anonymity.

Since launching on Oct. 7, SiennaSwap has generated over $254 million in cumulative commerce volumes, additional highlighting the rising recognition of decentralized exchanges.

Cryptocurrency entrepreneur and Bitcoin Money (BCH) proponent Roger Ver has come out in favor of SiennaSwap’s current additions. “Sustaining privateness whereas enabling DeFi for Monero and Bitcoin is crucial and Sienna Community appears to be doing precisely that,” he mentioned. Ver has lengthy been an advocate for crypto-oriented privateness instruments and their position in promoting freedom.

Associated: DeFi privacy project Panther raises $22M in 1.5-hour public sale

The crypto trade as a complete has been criticized for not making privateness a tier-one precedence. Though the media’s position in conflating privateness and anonymity (and thus, nefarious conduct) is partly accountable, builders of the brand new economic system have additionally favored different priorities, akin to security, decentralization and scalability. Whereas privacy-focused tasks had a powerful presence through the 2017–2018 crypto bull market, the 2021 market melt-up has been pushed largely by DeFi, nonfungible tokens and extra just lately, GameFi and Metaverse ideas.

Sienna Community reiterated that privacy of financial transactions will not be solely a private proper but in addition a authorized obligation in Europe and the US.