O-Escrow

Originex Escrow Services

Escrow Why is Escrow required?

Verifying the identities of the individuals who are involved in the money transactions has become an ultimate requirement for all Banking and Escrow companies. Escrow services are playing a major role in the field of Blockchain Networks. Escrow’s main work is to help dispense money or documents as a neutral third party in different exchanges of Cryptocurrency & release when the agreed conditions are met. Originex's Escrow service is the key to more secure payments. This financial arrangement allows a representative third party to bring neutrality to transactions by holding payment of the cryptocurrency required for two parties involved in a given transaction.

Working of Originex's Escrow

Step 1 : The buyer creates an escrow account

One of the two parties, either the Buyer or Seller, will initiate the transaction. This process begins when the user inquires about the offering and creates an account on Originex. With an account set up, the two parties can solidify the terms of their agreement.

Step 2 : Buyer pays Originex

The Buyer or Seller can initiate the transaction. The Buyer sends the cryptocurrency from their account to Originex's escrow service, where it is immediately transferred to a crypto asset and stored in a no-interest escrow account. The value of the cryptocurrency is protected from volatility until both parties agree the transaction is complete.

Step 3 : Seller ships product

The Buyer sends cryptocurrency to Originex's escrow service for safekeeping. Following this, the Seller sends the product to the Buyer and submits the associated tracking information to Originex. The Buyer will then verify they have received the merchandise.

Step 4 : Buyer accepts product

When the product arrives, the Buyer must inspect the product and determine if they want to keep it within a set number of days. If the product doesn't meet the specifications, the Buyer may choose to reject the offering.

Step 5 : Originex releases payment to Seller

If the offering is as specified, the Buyer can choose to accept the product. When this happens, Originex will convert the stablecoin to the original cryptocurrency and release it to the Seller.

Features

Powered by Smart Contracts

Originex uses a decentralized escrow service powered by smart contracts. These contracts act as a third party to enable transfers between buyer and seller. Smart contracts allow buyers and sellers to conduct an unlimited number of transactions between the parties including dispute settlement too.

Timely Transactions with Low Fee

Originex's Escrow Transactions are pretty affordable. All you need to pay is a small escrow fee that applies to all transactions. Escrow transactions can be completed within minutes or days, with statuses updated instantly.