Monero rises 32% after cryptocurrency blockchain update

Monero rises 32% after cryptocurrency blockchain update

Developers of the anonymous altcoin have added the ability to exchange it for bitcoin without intermediaries.

The price of Monero rose 32% after the digital coin's developers updated its blockchain to add an "atomic swap" system that makes it easier to exchange the cryptocurrency for bitcoin and vice versa. The update was integrated into Monero's blockchain on August 20. As of August 24, the digital coin is trading at $319 and has a capitalisation of $5.7bn.

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The developers note that "atomic swaps" allow Monero holders to exchange the cryptocurrency for bitcoin and vice versa directly with the ultimate recipient, without intermediaries in the form of exchanges or other users.

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The transaction is only considered completed if both users receive digital coins as a result of the exchange. In other cases, the system cancels the transaction and returns the cryptocurrency to the users.

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