currency

What is Escrow?
Escrow accounts come into play when there is uncertainty over whether one party or another will be able to meet the terms of a transaction. 

These types of accounts have been used for many years in property transactions. Funds are held by a third party until the legal paperwork on a house has been completed, which then releases cash to the seller and the house to the buyer.

Escrow accounts are also used in banking, intellectual property, mergers and acquisitions, and, increasingly over the last decade, cryptocurrency transactions.
According to CipherTrace, $4.5 billion of cryptocurrency was lost through hacks and other scams — up from $1.7 billion in 2018.
Escrow can be useful when individuals want to trade assets from their digital wallets for cash, but are unsure whether the other party will back out once funds are sent.

A little boy from 2024 🙃                                         

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