On November 19, peer-to-peer ether (ETH) trading platform LocalEthereum announced a new brand name for their services – LocalCryptos, with the goal of supporting more cryptocurrencies, starting with bitcoin (BTC), and rival LocalBitcoins.
CEO of LocalCryptos, earlier LocalEthereum, Michael Foster, shared that the company aims to become a “new leader” among peer-to-peer fiat-to-crypto platforms, highlighting that the platform offers “non-custodial, end-to-end encrypted, and completely private” services, unlike centralized and custodial competitors, like LocalBitcoins.
Foster maintains that the company was initially developed with the vision of users staying in control of their assets, which is why they have chosen a non-custodial platform model, where the exchange does not hold users private keys. In his view, the whole cryptocurrency industry “was born out of the desire to eliminate the role of middlemen” in peer-to-peer transactions.
To encourage users to switch platforms, LocalCryptos offers “earned reputation” transfer for long-term LocalBitcoins’ users. Foster also added that the migration process is designed to be “as easy as possible,” highlighting softer verification requirements on the newly branded platform, and shared plans to add more cryptocurrencies in the near future.
According to the announcement, founded in 2017, the Australia-based company has over 100,000 registered users from 139 countries, 1,500 daily active users, and 450 trades a day with around a $3 million trading volume per month. In the meantime, global LocalBitcoins volume is over $36 million this week alone.
P2P trading platforms have become especially popular in the areas facing financial or political crisis. For example, at the end of September, BTC trading volumes on LocalBitcoins
reached highest-to-date levels for the city of Hong Kong in the midst of protests against the government.