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LeoGlossary: Escrow
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@leoglossary
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A third party holding financial assets on behalf of other entities. The reason why escrow is used is the parties involved in the transaction do not know or trust each other.
It is common for real estate to use an escrow agent to handle the assets for both buyer and seller.
In cryptocurrency, the agent holds it until the seller receives payment. Then the tokens or coins are released.
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