An escrow is a way to control and protect financial assets. CoinCola uses a secure online escrow to facilitate and execute P2P trades, protecting both buyer and seller.
In the following example, we’ll illustrate how the CoinCola trade escrow works when buying bitcoin through an P2P trade.
Once you start an P2P trade, bitcoin will be moved from the seller’s wallet to the trade escrow. Once the seller has confirmed that you have made the outgoing payment, they can choose the select the ‘Release’ button on their trade page.
This will release the bitcoin from the trade escrow to the buyer’s CoinCola wallet and complete the trade. If a trade is cancelled, bitcoin in the trade escrow will be returned to the seller’s CoinCola wallet.
If a trade dispute is opened during a trade, the seller's bitcoin assets will be held in the escrow until the CoinCola support team has resolved the dispute.