Counterparty is digital currency used for peer-to-peer financial trading based on the bitcoin blockchain founded in 2013 by Adam Krellenstein, Evan Wagner, and Robby Dermody. Its key features include mobile wallet, bitcoin-aware smart contracts, decentralized exchange, custom named assets, and being open source. The Counterparty cryptocurrency was developed by a non-profit organization called the Countryparty Foundation. The Counterpart cryptocurrency has is own official cryptocurrency wallet called the Counterwallet that was created by Robert Dermody.
Counterparty is represented by the symbol XCP. XCP was created in January, 2014 through a process the company calls Bitcoin "burning' in which Bitcoins were sent to an unspendable address in exchange for XCP. During its creation over 2,100 bitcoins were "burned" and 2.6 million XCP were created and made available on several cryptocurrency exchanges. There are currently four different types of wallets for XCP users, they are: a desktop wallet, a mobile device wallet, a web-based wallet, and a chrome extension wallet.