First announced back in May and opened up for its first registrants by the end of September, the new localethereum.com platform for private peer-to-peer ether buying and selling is officially live. Users can now buy or sell ether from more than 800 offers in 80 currencies. Actually launched at midnight UTC on October 21st, the localethereum team provided the first status update for the platform’s first two days in operation. localethereum helped traders complete nearly 100 over-the-counter exchanges worth a total of USD $60,000.
The team stated:
“While this number looks slim next to high-frequency exchanges, it’s a terrific start and the trading volume continues to grow rapidly as more jump on board. We’re sick of the dangerous misplaced trust in centralised exchanges which continue to lose hundreds of millions of dollars of our money. Traders have been getting the raw end of the deal for far too long now, so we’ve changed the game.”
localethereum aims to be the most secure and private marketplace that crypto has seen. The startup was the first to implement a completely in-browser crypto setup to protect users off and on the blockchain.
Features the team highlights in what sets localethereum apart:
- Escrows are completed over an open source Ethereum smart contract, for guaranteed proof-of-funds and simple arbitration in case a dispute arises.
- Messages are end-to-end encrypted with self-burning keys, meaning that user private details are hidden from prying eyes.
- In-browser wallets are encrypted, so users have complete control over their funds.
Interestingly enough, at least for the first couple of days in operation, it looks like more Chinese users are going OTC. localethereum reported that they have seen a growing number of traders using Chinese yuan, and it is now the most frequently-traded currency on the platform.
What is localethereum.com?
localethereum is a private peer-to-peer marketplace which allows you to trade ether for local currencies. Exchanges can be made via different methods such as online bank transfers and face-to-face cash trades.
Are there any fees?
localethereum charges a 0.25% fee for the maker (the person who placed the offer listing) and 0.75% for the taker (the person responding to the offer). The reason for the significant discount on makers is because we want to encourage people to place advertisements.