Crypto Firm Kirobo Extends Its ‘Undo’ Function for Several Cryptocurrencies

Tel Aviv-based crypto startup, Kirobo has announced on Wednesday that its 'undo button' crypto transfer feature is now available for any transactions involving Sushi Coin, UNI, Chainlink (LINK), Binance Coin (BNB), Tether (USDT), and its native token, KIRO. According to the press release, the 'undo' feature has been extended beyond Bitcoin (BTC) and Ethereum (ETH) transactions, which were the first Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term to witness such a function.

The firm explained that the 'undo' solution allows users to reverse a virtual currency transaction sent by mistake. “The entire spectrum of crypto users, from entry-level participants to seasoned traders, stand to benefit greatly from Kirobo’s breakthrough transaction ‘undo’ feature, which eliminates the risk of fund losses due to human error. As the crypto landscape continues to evolve, with mainstream and institutional involvement intensifying, this type of robust transaction safety net will become an industry centerpiece,” Asaf Naim, Kirobo’s CEO, commented on the feature’s deployment.

Within the existing Bitcoin and Ethereum networks, Kirobo has created logic layers where advanced services and solutions are being rolled out. That said, functions of the logic layer by providing a unique transaction code make this kind of feature possible within their platform.

Upcoming Plans

Naim said that in the weeks and months ahead, Kirobo expects to expand the transaction's 'undo' feature to more cryptos and reveal new features in parallel. “At Kirobo, we want to make crypto management as seamless and secure as online banking, and ultimately, grant crypto users better control of their money. Crossing this threshold represents a very important stage in the ongoing maturity of crypto finance and further illustrates the viability of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term as a store of value,” he added.

Finance Magnates reported that the Tel-Aviv-based startup received in May a $5 million strategic investment from DigiCrypts Blockchain Solutions (DigiMax), a provider of Artificial Intelligence and crypto technology solutions.