Over the years, the team at Bitaccess has grown, and so have our own holdings of different cryptocurrencies. When we first got into this space, there were only a dozen different currencies to keep track of. Now there are more than 1000.
If you have ever tried to manage multiple wallets, you know its a pain. It involves lots of different file formats, QR codes, accounts, exchanges, and mistakes. Lots of mistakes, which can end up being costly.
Many new entrants to the world of cryptocurrency don’t remember Mt. Gox. Well, at Bitaccess, we sure remember. Mt. Gox was an exchange that collapsed at the start of 2014, and almost took the industry down with it. It lost hundreds of millions of dollars in customer funds. We decided we needed to do something. Users should never be afraid of leaving their money on an exchange. As a matter of fact, they should never have to leave money on an exchange at all.
So, we built faa.st.
faa.st is the culmination of several years of work, which started with the “Velocity project” we started in 2015. Back then, we envisioned a decentralized way for customers to trade cryptocurrency without the risk of a counterparty (like an exchange) going under. It was powered by smart-contracts, and ran completely on the Ethereum blockchain.
While we were able to prove this concept in experiments, the usability of velocity was too difficult and too slow. People were not ready to manage wallet keys, and enter into smart contracts (yet). We decided to simplify our approach, and build a product people are more used to.
Our first principle for faa.st was that users should always be in full control of their money. If faa.st dissapears, or is hacked, users will never lose anything. That is why we built hardware wallet support in from day one.
The second principle was that it should be simple. faa.st portfolio looks more like WealthSimple than a cryptocurrency exchange.
Finally, we wanted it to be a community effort. Which is why we made it open source. Cryptocurrency is not only an asset, but a movement. We have been part of this community for several years, and are really excited to hear what you guys think of our latest product. Reach out to us on twitter, or submit any requests on github.
faa.st portfolio is beta. Why beta? Still not so “faast”, (swaps take about 4 minutes). We are working hard to improve the speed while maintaining liquidity and security