In the context of Binance, an escrow service is primarily used in their peer-to-peer (P2P) trading platform. Here’s how it works:

1. **Transaction Initiation**: When a buyer initiates a trade to purchase cryptocurrency from a seller on the Binance P2P platform, the specified amount of cryptocurrency is locked in escrow by Binance.

2. **Payment**: The buyer then transfers the payment directly to the seller using the agreed-upon payment method. This process is done outside the Binance platform.

3. **Confirmation**: Once the seller confirms receipt of the payment, Binance releases the escrowed cryptocurrency to the buyer’s account.

4. **Dispute Resolution**: If there is a dispute, such as the seller claiming not to have received the payment or the buyer claiming not to have received the cryptocurrency, Binance’s customer support team steps in to mediate and resolve the issue. The funds in escrow remain locked until the dispute is resolved.

Using escrow in Binance P2P ensures that both buyers and sellers are protected during the transaction, reducing the risk of fraud and enhancing trust between parties.
#Binance200M #escrow

Feed the adoption, encrypt everything 🔐

@YahooFinance: Blockchain escrow offers increased security and transparency by recording transactions on the blockchain, making them tamper-proof and impossible to change. This ensures that everyone is held responsible and that the deal is carried out fairly.

Escrow transactions are particularly remarkable as they are carried out using smart contracts, which automate the process and eliminate the need for a reliable middleman.

https://finance.yahoo.com/news/escrowdapp-launches-blockchain-based-escrow-150845785.html

#security #escrow #adoption

Approximately six hours ago, a total of 400,000,000 #XRP , valued at $217,409,122, became available from #escrow at #Ripple .

😀Notably, the transaction included a memo stating, "February escrow was not executed? Hmm. !!TRWBT!! Welcome back Hodor!! John Deaton!!"

Transaction Hash: 👇
B6CF803EC4EFE27A9297609411B2D0D5FD47EEE2EC64F276AEA77E7A027BE33B

$XRP

In the past 4 hours, Ripple has locked significant amounts of XRP in escrow:

100,000,000 XRP (51,800,821 USD) were locked in escrow at Ripple.
Transaction hash:
220F909F82D146B5D242EC39474C26B3DA0392924480B4B254F5CAC6CF0CE52E

Additionally, 500,000,000 XRP (258,724,981 USD) were locked in escrow at Ripple.
Transaction hash:
F95DC5E3B2C5AE1D1B6B202AA875C062067956A58E64639EA62C7B34C20D8491

$XRP #escrow #LOCKED

Within the last 3 hours, there have been significant movements involving XRP:

200,000,000 XRP (103,655,197 USD) were locked in escrow at Ripple.
Transaction hash: 👇
79DAFBFB388199073D05010196CA88F76CD9B8F0B795BB167A7ABB493066C677

30,000,000 XRP (15,524,867 USD) were transferred from Ripple to the address rGBvEZnsKB7EvqA2ZZEXRgdwDMn9G9aBk2.
Transaction hash: 👇
6A5F963863D0E4EC93169C4589591C1AD082736AED99F896C8E8BDEE19D80FC8

Additionally, another 30,000,000 XRP (15,541,720 USD) were transferred from Ripple to the address rDK26ASe17eR4ZJafRzgJxeSJNwAhziAee.
Transaction hash: 👇
9EE258C992F0DE0FBB8B4DECCE67864420E0269B83C9324DE47BD2B407AEC544

$XRP #xrp #Ripple #escrow