- Kirobo, a service allowing Bitcoin transactions to be reversed, has launched its token, KIRO.
- KIRO will power the service, which allows users to cancel a transaction by requesting a password from the recipient.
- The newly launched staking program for KIRO is "whale-proof," with an initial limit of 7 ETH per wallet.
Decrypt’s Art, Fashion, and Entertainment Hub.
Israeli blockchain startup Kirobo made a splash earlier this year when it introduced a groundbreaking service allowing Bitcoin transactions to be reversed. Since then it has run a successful beta, had a soft launch of its token KIRO and now it’s introducing staking for its token.
The startup is known for its ability to offer reversible Bitcoin transactions—that are self-custodial. Users are now being incentivized to use its nascent token to access this service at a cheaper rate, but can also stake it to support the network.
CEO Asaf Naim told Decrypt, “Kirobo creates the user trust that is so desperately needed in this field.”
Since the service launched, in April, the team has found that the amounts being transferred were on average 7.2 times higher than the average amount transferred in a standard Bitcoin transaction. In more than four percent of transactions, the retrievable transfer function was employed, and the sums successfully recalled.
The launch saw KIRO trade volume hit $580,000 within 24 hours, with the price quadrupling, before it fell back to twice the launch price, said Naim.
Liquidity staking for KIRO
Kirobo’s focus has now turned to liquidity staking, with the goal of lowering transaction costs and making the platform more accessible. Liquidity staking offers investors the chance to earn additional rewards by contributing to the currency’s liquidity.
But KIRO’s staking program has been made, “whale-proof," with an initial limit of seven Ethereum (ETH) per wallet.
“Limiting the staking in this way effectively neutralizes any efforts to influence the price by a limited number of holders,” Naim explained.
Kirobo’s larger vision is to remove barriers preventing the daily use of cryptocurrencies. It plans to introduce its reversibility feature across more cryptocurrencies soon, to add more wallets over time, and there are plans for blockchain-based backup and inheritance services in the future.
But the undo button gets it off to a good start.