Setup Your Own Smart Contract in Seconds

Safely send and receive crypto to buy and sell services online

How Gecko SafeSend Works

The SafeSend app allows users to arrange to send, or receive crypto (BNB) while reducing the risk of contract breach by the other party.

1. Once you have agreed to an amount of money, enter your (the senders) contract address as well as the amount of crypto you wish to send, then enter the receivers contract address into page 1 of the app. The funds will automatically be deducted from your metamask account.

2. Select the timeframe (can be anytime) from 12 hours (minimum timeframe) to an indefinite timeframe (note: price fluctuations may increase risk over longer periods of time) as a timelock for the funds.

3. A notification will be created with a transaction ID /hash. Enter both yours and the recipients (receivers) email address and press submit to forward a copy of the transaction to the both parties.

Note: Be sure to keep records with the other party (text messages, or emails) including confirmation of what was promised and the exact time frame.

If you do not receive services in the agreed timeframe you can cancel the transaction and request a refund. If the receiver (other party) does not respond within 48 hours your funds will be returned to you (less the GECKO fee of 4%). The 4% fee will be deducted from the senders amount (Max transaction = 5BNB currently)

The receiver can request a release of payment within 48 hours of the sender requesting a refund, this will result in a KYC requirement by both parties before entering into an online mediation, then settlement.

Finally if no agreement can be reached after the timelock has ended, then either party can escalate the decision to mediation and specify the amount they wish to have refunded, or released to the other party (a partial settlement amount). Both parties must identify themselves through the KYC process as well as include screenshots and documentation to verify what they were promised, or what the other party promised. Gecko Finance will then attempt to resolve the dispute by messenger, or video conference call if required.

About Gecko SafeSend

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Cryptocurrency is still in its infancy and unlike traditional finance, cryptocurrency is peer to peer, without the requirement for an intermediary. This however also presents a challenge as a third party intermediary (like banks) allow you to cancel fraudulent transactions, enquire into the authenticity of the receiver and so on.

DeCentralized Finance has typically been associated with Lending and Borrowing against existing Cryptocurrency assets. The Gecko Finance SafeSend app enables users to setup and transact in a "trustless" way with other parties taking the best of both the efficiency cryptocurrency provides and the security traditional centralized finance provides.

The Gecko SafeSend App allows users to manage their own transactions with other parties to reduce the risk of fraud (scammers) and increase the leverage both parties have from the party on the other side of the transaction. The sender then has more confidence in receiving the service they were promised.

This also provides a level of commitment from either party to fulfill on their obligations.