Crypto escrows

Engage in crypto transactions with confidence.

Enabling trusted and safe crypto transactions

The need for escrow services

One of the biggest advantages of digital currencies is that they enable two parties anywhere in the world to electronically send and receive value securely, in a matter of minutes, and without the need for expensive, error-prone intermediaries. But what happens when you want to purchase services or physical goods using your crypto currency? Or perhaps you want to use it for a business venture. How can a party wishing to execute such a transaction be completely confident that the other parties will fulfill their obligations regarding the transaction, and vice versa?

Escrows are agreement-based accounts that involve a neutral third party to facilitate the transfer of funds and deliverables in a secure manner. Involving an unbiased party to oversee the transactions protects the interests of the main transacting parties. Traditionally, banks provide escrow services. However, banks often face problems related to tedious documentation, substantial costs, and a lengthy turnaround time for processing the transactions.

By ensuring that both parties fully meet the agreement terms, our digital asset escrow service connects buyers and sellers and helps them secure safe and trusted deal arrangements.

Our digital currency escrows

Implementing safe and trusted asset custody

When the buyer engages in an escrow, the funds remain locked in their wallet until they decide to release them to the seller or the escrow agent makes a final decision. If a dispute arises, the chosen escrow agent initiates a mediation process and ultimately decides whether to assign the escrow funds fully to the buyer or seller, or partially split between them.

We pre-screen and validate all custodial escrow agents, ensuring safer asset custody. Parties can either select TradeSpot as the escrow agent or another one agreed upon between them.

Quick overview

  • All parties must agree to participate in the escrow and accept its terms
  • Validated escrow agents
  • Partial or full funding escrows
  • The buyer, seller, or both may pay the escrow fee
  • Dispute system

Escrow process

How escrows are processed

  • An escrow can be created automatically if it is related to a marketplace listing, or by request if it's not marketplace-related.
  • Upon creation, the escrow terms, counterparties, and agents are set up. We notify all of the invited parties to the escrow and request that they accept the assigned roles and terms.
  • When all parties accept the escrow and its terms, it becomes fully active, and the buyer can proceed to fund it according to the underlying terms.
  • After the buyer receives the goods or services and considers the escrow terms fully fulfilled, it proceeds to release the locked funds to the seller.
  • The escrow agent will handle and settle any dispute if either party believes the other counterparty has not fully fulfilled the contractual obligations or terms of the escrow.

Supported assets

Major digital currencies and tokens supported

Bitcoin

BTC

Dogecoin

DOGE

Litecoin

LTC

Ethereum

ETH

TetherERC-20

USDT

USD CoinERC-20

USDC