📦Escrow Service

Protected buying and selling

By creating an escrow service, Altmart and Altmark are setting a new standard for secure and reliable transactions in the world of crypto-commerce. Our commitment to providing a user-friendly platform is further strengthened by this additional layer of security, ensuring that both buyers and sellers can trade with confidence.

1. Initiating a Purchase: When a buyer finds an item they wish to purchase, they initiate the escrow process by sending the payment in Altmark ($AMK) to the escrow service. This amount includes the item's selling price plus an additional 10% collateral.

2. Collateral for Security: The 10% extra is held as collateral to incentivize the completion of the transaction and to provide an assurance of the buyer's commitment. This security measure protects both parties and builds trust within the marketplace.

3. Receiving the Item: Upon receiving the item, the buyer has the responsibility to verify its condition and authenticity. If everything meets the buyer's expectations, they approve the transaction through the escrow service.

4. Completion and Collateral Return: With the buyer's approval, the escrow service releases the selling price to the seller. The 10% collateral is then returned to the buyer, marking the successful completion of the transaction.

5. Service Fee Distribution: A nominal service fee of 1% is charged for the escrow service. This fee is allocated as follows: 0.5% contributes to the Altmart Reserves for continued platform development, 0.5% is awarded to the Altmark team for their ongoing efforts.