Qvolta launches crypto to fiat P2P exchange to compete with LocalBitcoins
Qvolta, a startup P2P cryptocurrency-fiat exchange platform and mobile application that allows people to buy and sell bitcoins and ether using local popular payment methods has launched its minimum viable product (MVP) today. On September 15th, 2017, the full-featured product will be launched globally.
The platform acts as a guarantor for the trades executed on it. Qvolta doesn’t take custody of user funds, which can attract hackers: the users’ fiat money does not go through the platform and users make payments to each other directly through the P2P exchange. Users are verified in accordance with the requirements of Anti Money Laundering norms (AML).
Qvolta traders will use native tokens (QVT) to pay for tariff plans. Traders start by purchasing a tariff plan, after which they can offer to sell/purchase cryptocurrency on the P2P Qvolta exchange. Users can easily buy or sell cryptocurrency by responding to offers from traders.
Qvolta traders can also manage their cryptocurrency on the go — the solution will be available both as a desktop and mobile app for iOS and Android. Users can test the mobile platform’s MVP starting today.
A pre-ICO is planned for August 15-29, where 10% of tokens will be sold (175,000 ETH) at an exchange rate of 1 ETH (Ethereum) = 1,000 QVT. The pre-ICO bonus will be 50%. The ICO is planned for October 10th.
Currently, the most widely used P2P platforms are LocalBitcoins, Paxful, and Bitsquare. The Qvolta team stated “LocalBitcoins offers only bitcoin, Paxful is only popular among US-based users, while Bisq makes no pretense to mass appeal: users must install specific professional software and possess a gamut of technical skills in order to buy cryptocurrency there.”
The Qvolta team plans to add Monero and other altcoins to the platform in the very near future. By 2018, they hope the platform will have evolved into a financial ecosystem thriving on the interaction between the blockchain and fiat currencies, moving from the American market into Europe and Russia, then Latin America, and on to Asia and Australia.
The platform was developed by a team of blockchain enthusiasts with keen interests in Fintech and the Internet of Things. The co-founders of Qvolta have each logged more than 5 years of experience in the international financial sector and financial technology in particular. The platform’s engineers previously developed the Upwork platform.
“Up until recently, cryptocurrency exchange platforms had high barriers to entry, so they were the exclusive domain of advanced users and geeks. We created Qvolta as a direct response to this problem. Users don’t need to be crypto tech geeks to use our service like they do on our competitors’ platforms. On Qvolta, they find a secure and convenient solution – and both novices and advanced users alike will appreciate the lower commission rates.”
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