Trade Wars: LocalEthereum is Now LocalCryptos, Will It Outpace LocalBitcoins?

cryptocurrency
Source: Shutterstock

Trade Wars: LocalEthereum is Now LocalCryptos, Will It Outpace LocalBitcoins?

In a recent development, LocalEthereum, a peer-to-peer (P2P) trading platform for Ether (ETH) has changed its name to LocalCryptos, to support more crypto assets including ERC-20 tokens. The firm aims to become a leader in the P2P fiat-to-crypto trading space.

Will LocalCryptos Matchup to Arch Rival LocalBitcoins?

With this new initiative, LocalCryptos aims to compete with arch rival LocalBitcoins. The former is non-custodial, end-to-end encrypted, and completely private unlike LocalBitcoins. As a matter of fact, a non-custodial platform doesn’t hold user’s private keys. Subsequently, the firm cannot hack or freeze users’ crypto assets.

Taking a dig on LocalBitcoins platform, Michael Foster, CEO of LocalCryptos said,

“Platforms like LocalBitcoins are centralized, custodial, and a far cry from private. These platforms are vulnerable to hacks and thefts like a centralized exchange. Hackers have stolen several billion dollars from centralized crypto platforms. At least two of those heists took from LocalBitcoins traders.”

However, non-custodial platforms have their own perils. If in case a user loses their wallet and password, the platform cannot help them with the recovery. Interestingly, the platform seeks to put the users in complete control.

“Crypto was born out of the desire for eliminating the role of middlemen and legacy institutions in otherwise person-to-person interactions. We developed LocalCryptos based on this idea of users remaining in control at all times—not us,”

added Foster.

New Users Need Not Start Again on The Platform

LocalCryptos boasts of more than 100,000 registered users, 1,500 daily active users and 450 trades each day, making it one of the largest non-custodial P2P Bitcoin platform. The platform also has an impressive trading volume and has seen $3 million worth of fiat-to-crypto trades per month, from 139 countries.

Most importantly, traders willing to shift on to LocalCryptos need not start over on the platform. The platform is not subjected to as many regulations as LocalBitcoins. The latter recently implemented a mandatory verification process which resulted in a 30% drop in volume on the platform. The firm will also add ERC20 tokens soon and will develop a new smart contract to handle the tokens. Also, in the distant future, the platform might even support ERC721s.

Rising P2P Cryto Space

Also, helping traders and crypto users is not the sole motive of the firm.The firm is also focussed on helping the underbanked and unbanked communities, with a major aim to free Venezuela from hyperinflation.

P2P crypto trading platforms are gradually increasing in number. Another decentralized P2P platform, SIBEX AG, is looking to serve institutional investors. Last month, the firm raised around $1.8 million in a seed funding round to expand its offerings.

Will LocalCryptos Manage to Outdo LocalBitcoins? Let us know, what you think in the comments below!

Summary
Trade Wars: LocalEthereum is Now LocalCryptos, Will It Outpace LocalBitcoins?
Article Name
Trade Wars: LocalEthereum is Now LocalCryptos, Will It Outpace LocalBitcoins?
Description
In a recent development, LocalEthereum, a peer-to-peer (P2P) trading platform for Ether (ETH) has changed its name to LocalCryptos, to support more crypto assets including ERC-20 tokens. The firm aims to become a leader in the P2P fiat-to-crypto trading space.
Author
Publisher Name
Coingape
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: Supriya Saxena

Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.

Post your comment...
Supriya Saxena 216 Articles

Coming from a physics background the unpredictability and intrigue of the cryptoverse attracted me to take a dive in this field. I am all eyes and ears for the latest trends in blockchain and crypto sphere. Whenever I am not writing or researching, I love to read sci-fi novels, play basketball and watch action movies. I strongly believe that blockchain and cryptocurrency will bring lasting transformations in people’s lives in the years to come. You can reach out to me at supriya [at] coingape.com.

Follow Supriya @