Q&A With CoincealCash: About The Privacy-Focused Cross-Chain Swap Platform

On CoincealCash you will be able to swap crypto assets between different blockchains, including Bitcoin, Ethereum and Solana, in a non-custodial manner. Unlike a CEX, CoincealCash never holds your funds; it is 100% self-custody.

Instead, trades occur directly from your wallet through your anonymous vault, so you have full control at every step of the process. Also, CoincealCash requires no KYC, logs no IP addresses, and shields transactions from prying eyes, countering blockchain analysis.

The private beta is coming on June 7, and I have been doing a Q&A with the team in order to shed some more light on their product, general mission and vision.

CR1337: Can you share the origin story of CoincealCash and what inspired the team to build a privacy-focused cross-chain platform?

CoincealCash: We are a team of crypto enthusiasts and all of us have been in crypto since the early days of it. We got interested in crypto due to it being money without all the limitations that fiat money has & the freedom.

When you are transferring value with crypto you don't have to be worried about your funds being blocked by eg. the SWIFT recipient bank, etc. However, there is a major issue with the blockchain, and that is privacy and you expose your assets to your friends and other parties unvoluntarily.

Privacy coins are a good alternative to tackle it, because you could swap eg. USDT or BTC into XMR, then swap XMR back into any other asset that you'd want to use for payments, in case XMR isn’t an option supported by the merchant.

That isn't ideal though, this option doesn’t work for everybody as some people might want to maintain the original value of the assets they already have, which would force them to use alternative privacy options such as anonymisers, CoinJoins and others, or perhaps you just want to swap from asset A to asset B where none of those asset are XMR, without getting exposed to extra value fluctuations.

Most of the alternative privacy solutions are inconvenient, or expensive. We have built with top notch UX in mind, and the best (cheapest) pricing for swaps, while having a great level of privacy.

Privacy is available at anyone's finger tips, with just a few clicks with Coinceal. Simply deposit funds into your Anonymous vault, which makes your assets private. You could then swap those for other assets, or fund fresh wallets, effectively breaking the trace and maintaining your privacy.

That’s how the idea of Coinceal and how it was born, which combines the anonymous vault where you can deposit your cross-chain assets, and a privacy swap platform with swap rates very close to the CEX rates.

CR1337: How does CoincealCash ensure user privacy during cross-chain swaps, and what specific technologies or protocols power its anonymity features?

CoincealCash: A great question! To start off, you'd create your own anonymous vault in your browser. You get a seed phrase for your vault, that is similar to the experience you may have had in the past with self custodial wallets.

Within the vault, you can create as many accounts as you want. Each account can hold any supported cross-chain assets and has a unique address that starts with “hid”.

Within an account, you can: swap, deposit or withdraw your assets.

We are utilising a side-chain called OPL, or Oasis Privacy Layer developed by Oasis Labs, whose main focus is a privacy-oriented solution.

OPL allows developers to build so-called “confidential smart contracts”. These contracts are secure from preying eyes, the state of these smart contracts (all the data processing) is not accessible to the chain’s validators or any other party who might be looking. Unlike traditional smart contracts on Ethereum network where everything is visible.

Every account within Coinceal vaults is a smart contract on the OPL chain, which is abstracted using EIP-4337 and controlled by secp256r1 keys, enabling encrypted and private interactions.

Account data, such as balances cache and actions histories, is stored locally and securely using in-browser local storage, which can be wiped at any moment user wants.

CR1337: CoincealCash promises near-CEX market rates for cross-chain swaps. How does the platform achieve competitive pricing while maintaining decentralization and privacy?

CoincealCash: All the liquidity is managed through oracle-based order-books smart contracts on the OPL side. Every time you want to swap from your Coinceal account, the app will try to find the offer with the best rate and swap through it.

Any user can create an own pool of assets in order to start competing for the swap volume by offering better pricing.

Unlike AMMs, Coinceal’s swap model is based on flat market rates provided by oracles (and every supplier is free to decide what data source to use for the prices), and therefore there are no liquidity pairs like on Uniswap, but instead we have liquidity hubs that can have many assets supplied within 1 offer.

During the beta testing phase the initial liquidity will be provided our partners, and after the additional security audits we will make it possible for anyone to provide liquidity to cover the private cross-chain swapping demands.

CR1337: What blockchains does CoincealCash currently support for cross-chain swaps, and are there plans to expand compatibility in the future?

CoincealCash: For the launch, we will support native Bitcoin, ETH and USDT/USDC on the Ethereum network.

The initial goal is to make sure everything works fine and make first iterations based on feedback of the first users.

Over the course of 2025 we hope to make it possible for others to provide liquidity for the private swaps, and look into more assets to add, such as USDT on Tron network, Dash, Bitcoin Cash and potentially Monero.

CR1337: What measures does CoincealCash take to protect users from cross-chain vulnerabilities, such as bridge exploits, which have been a significant issue in the crypto space?

CoincealCash: Security and safety is our top priority. We use Celer Network's message bus for the EVM cross-chain needs, they officially supporting OPL as an integrated network.

To support native Bitcoin, we have developed our own lightweight Bitcoin node, and a 2/2 multisig wallet inside the OPL smart contract.

Every Bitcoin deposit is a P2SH vault which must be signed by the smart contract + the off chain signer. This dual system is required to avoid SGX-related risks. This module has gone through preliminary auditing.

The EVM and Bitcoin systems we have developed are fully self-custodial.

In addition to everything mentioned above, there are other protocol safety measures built in, to protect users and the protocol if ever needed.

CR1337: Who is the target audience for CoincealCash, and how does the platform cater to both retail users and institutional players seeking privacy in DeFi?

CoincealCash: People like you and me, who value privacy and seeks it. People who want to feel free while working with their own funds.

Many people use crypto for their daily purchases and there is a significant risk with exposing your assets to third parties. The same risk applies to institutional players, manage pay-roll without exposing the company assets to your employees or others.

CR1337: With the public beta launch approaching, what can users expect from the initial release, and what’s on the roadmap for CoincealCash’s future development?

CoincealCash: A fully functional product, we'll roll it out in "safe mode" to conduct further testing on our swap engine and the anonymous vault.

But everything is expected to work to 100%. Users will be able to utilise the other functionalities such as creating their Anonymous Vaults and use it for their privacy needs right in the beta phase, as well as swapping assets privately within the Anonymous Vault.

Future development will be general improvements based on user feedback, and other more technical things such as no wallet connections required for Ethereum and other EVM-networks deposits, and streaming swaps for our swap engine to remove liquidity limitations for larger swaps amounts.

In the future, we will also expand to other chains depending on the needs.

CR1337: Thank you for all the detailed and insightful answers! Fingers crossed for a successful launch of the private CoincealCash beta!

If you are interested in joining the Coinceal Beta, feel free to message them on X!