Payments

Kirobo's cryptocurrency undo button surpasses $1B in transactions

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July 28, 2021

Kirobo, a provider of a cryptocurrency undo button, has surpassed $1 billion in transactions with the tool. With this software, customers can cancel and reverse transactions before they are finalized, which in turn helps reduce error and fraud, according to a press release.

Previously, bitcoin users had no way to regain their funds if they sent bitcoin to the wrong address, but this tool helps get rid of that risk. In addition, it uses a smart contract-powered authentication method to prevent security breaches.

"The authentication mechanism is divided between the users, the smart contract, and the Kirobo server, making breaches impossible," Tal Asa, CTO, Kirobo, said in the release. "We're giving people the best of both worlds – the freedom of decentralized currency with the safety net of a central server, but without any risk of a data breach."