Exchanges are not the only way to buy and sell cryptocurrencies. Large holders often require an added level of privacy in cryptocurrency transactions, and want a neutral, licensed third party to oversee the transaction. For these reasons we launched our cryptocurrency escrow service, through which two or more parties can securely and privately buy or sell cryptocurrency.
How Cryptocurrency Escrow Works
We offer two escrow methodologies to suit our clients’ needs. In the first case, the cryptocurrency seller transfers Bitcoin to our dedicated escrow wallet, which is held until we receive the purchase funds from the cryptocurrency buyer. The deal is consummated on a closing call on which each party consents to the release of the cryptocurrency, and the purchase funds, respectively. We conduct this call very formally. In crypto you are your own bank, it is is paramount that data is entered correctly and all transactions are routed to where they are intended.
Multisignature wallet – A multisignature (or “multisig”) wallet escrow arrangement involves one additional step on the part of the cryptocurrency seller. Your funds are forwarded to our dedicated escrow account, however, in this scenario it requires two parties – we, first, as the escrow intermediary, and second, the cryptocurrency seller – to each consent to releasing the cryptocurrency to the buyer. This “one foot out” approach gives the seller an additional level of control without compromising the buyer’s confidence that he or she will receive the cryptocurrency. As with our standard escrow service, we conduct a formal closing call to verify that all parties are together and prepared to close.
Why use us?
There are several very good reasons to use an attorney for person-to-person cryptocurrency trades. As an attorney I am a licensed by the State of Florida and bound by its ethics rules to safeguard client funds, including in the role of a disinterested fiduciary / escrow agent. These rules apply regardless of where the parties or the funds are from. As such, my independence is guaranteed. I have handled funds transfers for clients in many situations, all of which are treated with absolute professionalism. It must be clear to all parties that in this role I do not represent either the buyer or the seller (as an attorney might otherwise represent one side of a transaction), but rather the transaction itself, guaranteeing that the closing is carried out according to the parties’ written instructions.