By: Mellifex (company associated with the BAS)
What does it mean to be economically free? This is a question the Mellifex team has put some time and energy into figuring out. For us, it is all about minimising the counterparty risk our clients take when utilising our non-custodial escrow and marketplace tools. Perhaps, it is a natural response to market demand in light of custody vulnerabilities, namely: Like when fraudster Champion-Cain social engineered some of Chicago Title’s account managers to mismanage $400,000,000 that should have never been touched… As great-grandma used to say: “The more you can do, the more you will be asked to do”.
Mellifex offers a truly non-custodial escrow both, easy and safe to use, so all you need to do is connect your wallet, fill a simple form with the transaction details, sign, and presto!
Your escrow is ready. Plus, unlike your typical custodial alternative, even if Mellifex LLP went out of business, your signatory wallets would still be able to interact with the dedicated (escrow) smart contracts, guaranteeing you will never lose access to your funds. Bottom line, you control your monies with no strings attached and without unauthorised third-parties touching them, just you and your destiny, hence our motto: “Upwardly Mobile”.
Escrows have many attractive use cases when it comes to securing high-value transactions in critical areas (art, debt, KPI, law, mining, property, shipping, VC/PE, etc.) until conditions are met. We have developed several high-tech solutions to prevent arbitration under $10,000 claims, like timelock or milestone (KPI) payments. For anything higher, our strategic partners at the Blockchain Arbitration Society (BAS) make sure disputes are resolved in a prompt manner and are bound by the fairest of arbitral awards. This is why we are proud to announce our incoming membership of the BAS’ association.
Mellifex LLP is further aiming at partnering with forward-looking banks and other channel partners interested in gaining an edge by integrating our white label API, through which
they can start offering crypto escrow to their clients and capture the vast wallet-to-wallet market that currently remains off-limits to them. Without our “financial condom”, those wallet-to-wallet transactions on public EVM-compatible blockchains are and will remain irreversible by design, preventing any viable adoption of $ stablecoins for online payments. Note: Highly efficient stablecoins (USDC) are now in use by Visa for your card settlements.
Last but not least, we are fully aware there is still a lot of room for innovation in the non-custodial space and we hope that our value proposition will benefit all users now considering to migrate some of their payments to the vibrant world of digital currencies, but wonder if all the existing mechanisms in the field allow them to do so in a fool-proofed environment that ensures their capital will be protected. As a core infrastructure, our end game is to become the technological standard for as many financial entities as possible. We are here for you and you can reach us to “firstname.lastname@example.org” subject line “BAS”.