In order to support a wider range of cryptocurrencies, a peer-to-peer trading platform, previously specializing in trading ETH, LocalEthereum, renamed LocalCryptos. The first of the cryptocurrencies added to the platform will be Bitcoin.
On Tuesday, LocalCryptos announced the desirewin the title of “new leader” in the field of 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 locked, ”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 such as LocalBitcoins arecentralized and far from privacy. These platforms are vulnerable to hacking and theft, like any centralized exchange. Hackers have already stolen not a single billion dollars from centralized crypto platforms. And at least two robberies were aimed at LocalBitcoins traders, ”Foster added.
LocalCryptos gives users complete control over the funds.
Cryptocurrencies were created out of an effort to eliminateintermediaries and obsolete institutions in the interaction between people. “We developed LocalCryptos based on the idea that users should independently control their own funds,” said Foster.
LocalEthereum launches in 2017. Today, the user base has more than 100,000 customers. According to LocalCryptos, the nearest list of cryptocurrencies available for trading on the platform will grow. In addition to Bitcoin, it plans to add tokens of the ERC20 and ERC721 standard.
We will develop a new smart service contract for the ERC20, and in the distant future, the ERC721, ”said Foster.