Ether P2P exchange platform LocalEthereum has renamed itself to LocalCryptos and introduced support for various new assets, including Bitcoin.
LocalEthereum becomes LocalCryptos: Takes a jab at rival LocalBitcoins
LocalEthereum was a popular exchange that allowed users to trade Ethereum. Now, the firm is looking to expand its services and has even renamed itself to show its dedication. On November 19, 2019, LocalEthereum announced that it had changed its name to LocalCryptos while adding support for Bitcoin and other ERC-20 tokens.
The blog post reads that the change was a milestone achieved by the company. The firm claimed that the move was a vital “leap toward making true peer-to-peer trading available to everyone.”
The exchange serves more than 100,000 users across the world and conducts around 200 crypto trades each working day.
The exchange does not hold the private keys for user accounts. Instead, it puts emphasis on a trader holding on their private keys and says that it should be “hands-off for exchanges.” This allows users to trade with greater privacy and freedom and gives them a sense of security and control. The exchange revealed that its BTC escrow accounts use a non-custodial system that leverages the functions of Bitcoin scripts.
The blog post took a jab at its rival LocalBitcoins by saying that the platform “looks the same as it did back in 2012, and there’s plenty wrong with it.” The exchange stated that LocalBitcoins is centralized and custodial and puts the user’s privacy at risk. It added that such exchanges often fall prey to carefully conducted hacks and thefts.
While the jab might not be mature of expected of such an institute, it is true that centralized exchanges have often fallen prey to hacks and other attacks. Previously Binance and Coinbase have faced such attacks with severe consequences.
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