Polkalokr is the first all-in-one, multichain token locking and escrow platform with built-in privacy functionality.

Its products, LOKR and SWAPR, help build trust within the DeFi space by removing the human element and focusing on governance through code with a seamless, omnichannel digital experience platform. At BitcoinVend we are excited to explore how LOKR/SWAPR can be utilised as a fully decentralised low-cost escrow solution in-app.

BitcoinVend was initially intended to be a fully decentralised marketplace where users can trade real-world items peer-to-peer. However, the lack of Defi tools to facilitate the event-driven release of funds means the app will launch with mostly centralised elements. However, after the initial product is released, we will be working closely with Polkalokr to explore the technical implications of building a decentralised version of BitcoinVend using Polkalokr´s Smart Contracts and $LKR tokens to facilitate safe global e-commerce.

Christopher Cousins, our founder and president, commented: “We love the power DeFi has to change the way the world does business. Using the Polkalokr tech stack, we would be able to build a totally DeFi based marketplace with no reliance on third-party intermediaries. With the help of Polkalokr, we now have the tools required to build a solution that provides adequate protection to both buyer and seller.”

Decentralise escrow services in-app

Polkalokr’s smart contracts enable the locking and distribution of tokens in a way that could be event and time driven. For example, the release of event-based funds using third-party Oracle feeds.

The $LKR token will also be listed in the app giving $LKR holders a new location to store, trade and ultimately spend $LKR if they wish.

$LKR is a substrate-based token for the locking and swapping protocol of Polkalokr and one of the most comprehensive procedures available, offering features such as cross-chain support and social-proofing.

Imran Ashfaq, CO-Founder and CEO of Polkalokr says: “We already know that blockchain is going to change the game.  BitcoinVend has a great strategy to support market adoption, which takes us one step closer to our shared goals, whilst bringing additional benefits to $LKR token holders.”

Here at Bitcoinvend we look forward to working with the Polkalokr team and introducing their community to our project.

To learn more about Polkalokr:

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Disclaimer: This partnership does not constitute a recommendation to invest in $LKR or an official endorsement of their products. The information provided here is for informational and educational purposes only and should not be taken as financial advice or any type of advice whatsoever.