P2P trading platform LocalEthereum will rebrand and add support for BTC

In order to support a wider range of cryptocurrencies, the peer-to-peer trading platform previouslyspecializing in trading ETH, LocalEthereum, renamed LocalCryptos. The first of the cryptocurrencies added to the platform will be Bitcoin.

On Tuesday, LocalCryptos announcedstriving to become the “new leader” in cryptocurrency P2P transactions. In other words, the platform intends to attract the attention of LocalBitcoins users to its service.

Unlike LocalBitcoins, LocalCryptos will be completely encrypted and private, – Michael Foster, CEO of LocalCryptos, told TheBlock.

The platform will not store user private keys, which makes it impossible for LocalCryptos or any hacker to take over their savings.

Platforms like LocalBitcoins arecentralized and far from privacy. These platforms are vulnerable to hacking and theft, just like any centralized exchange. Hackers have already stolen more than a billion dollars from centralized crypto platforms. And at least two robberies targeted LocalBitcoins traders, – Foster added.

LocalCryptos will give users full control over their funds

Cryptocurrencies were created out of a desire to eliminateintermediaries and outdated institutions in interactions between people. We designed LocalCryptos based on the idea that users should be in control of their own funds, – Foster said.

LocalEthereum was launched in 2017.Today the user base includes more than 100,000 clients. According to LocalCryptos, the list of cryptocurrencies available for trading on the platform will grow in the near future. In addition to Bitcoin, it plans to add tokens of the ERC20 and ERC721 standards.

We will develop a new ERC20 smart service contract, and in the distant future – ERC721, – Foster said.