Crypto News

Samourai Wallet Joins Haveno In A Bid To Facilitate Monero-Bitcoin Swaps


The privacy fans in the crypto-community are in for a treat, as the famed Samourai Wallet has decided to join the Haveno Decentralized Exchange (DEX) project. Samourai Wallet announced on April 30 that it was sponsoring the Haveno project with a 0.18 BTC grant. Haveno is a P2P and escrow based DEX project, built on top of Monero and Tor, forking the Bisq technology to facilitate Monero XMR exchange with other cryptocurrencies (primarily Bitcoin).

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Samourai Wallet is essentially a Bitcoin privacy focused hard wallet and it’s reasonable to assume that Haveno might be integrated into the wallet itself, in the future. Such an integration would allow Bitcoin – Monero swaps, without relying on a custodial third party and in a decentralized manner. It’s necessary to break the links, which are generated when BTCs are transferred over the blockchain. Bitcoin transactions, by default, aren’t private.

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Bisq has a fundamental flaw. It’s built on top of Bitcoin, which has an open and accessible blockchain ledger. The transaction histories are visible and traceable. Hence, Samourai Wallet needs a better solution to enhance Bitcoin privacy further. The Haveno fork would mitigate these issues and allow native private swaps between Monero and Bitcoin. It would be a KYC free protocol, which would allow decentralized trading. The official Twitter handle of Samourai wallet explained their decision to prefer Haveno over Bisq, because the latter has decided to rely on custodial and centralized Liquid federated side-chain and hence unreliable.

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