Peer-to-Peer Exchange LocalEthereum Rebrands to Become Major Fiat-to-Crypto Onramp

Peer-to-peer cryptocurrency exchange LocalEthereum has rebranded to LocalCryptos as it aims to start letting users trade other cryptocurrencies no its platform and become a major fiat-to-crypto onramp.

According to an announcement published by LocalEthereum, it’s adding bitcoin to its peer-to-peer trading system, but plans on adding other cryptocurrencies. Among them will be popular ERC-20 tokens, and in the future ERC-721 collectibles.

The firm noted that LocalCryptos will use for all of its cryptocurrencies a non-custodial approach, which means it won’t be able to hold or freeze funds, nor will it have access to users’ private keys. On its announcement the firm made it clear it wants to put users in charge of their own funds and that it wants to help them remain private.

The announcement reads:

Platforms like LocalBitcoins are centralized, custodial, and a far cry from private. These platforms are vulnerable to hacks and thefts like a centralized exchange (…) When trading on LocalCryptos, only you know your private key—we never take custody of your coins.

As CryptoGlobe reported LocalBitcoins was compromised earlier this year, as a hacker managed to net $28,000 in BTC phishing the exchange’s users. Non-custodial platforms may not solve the problem, however, as phishing is quite common in the cryptocurrency space.

LocalCryptos further added that it’ll still be a decentralized application on the Ethereum blockchain, which means users will still be able to use it directly from their wallets. Its other features reportedly include an end-to-end encrypted messaging service, and a complete lack of trackers.

Per LocalCryptos, the platform doesn’t even track its users using the popular Google Analytics tool because it wants to avoid trackers. The firm is looking to grab LocalBitcoins’ users, as it claims profile reputations can be imported from the platform.

Another peer-to-peer exchange trying to poach LocalBitcoins’ users is Hodl Hodl. As reported it offered Iranian traders a refuge after LocalBitcoins was forced to withdraw from the country, presumably over U.S.-led sanctions.

Featured image by Dmitry Demidko on Unsplash.