One of the main competitors of P2P Bitcoin (BTC) exchange LocalBitcoins has taken even more of its market share as the Finnish company seeks regulatory compliance.<\/p>\n
In a blog post on Nov. 19, LocalCryptos, formerly LocalEthereum, said it had completed the pivotal step of adding support for Bitcoin as well as Ether (ETH).<\/p>\n
The platform is a one-stop shop for fiat-to-crypto ramps worldwide, beginning with BTC and ETH, the blog post reads, describing the move as a large milestone.<\/p>\n
In the future, more cryptocurrencies will join its offering:<\/p>\n
LocalCryptos will list some of the most popular Ethereum-based tokens over time. Well develop a new smart contract to handle ERC20s, and, in the more distant future, ERC721s.<\/p>\n
The move comes roughly a week after LocalBitcoins announced its registration with regulators in its home country of Finland. Part of a multi-year scheme to formalize its compliance, LocalBitcoins is now an official virtual currency provider in the eyes of the Finnish Financial Supervisory Authority or FIN-FSA.<\/p>\n
As Cointelegraph reported, the platforms metamorphosis has alienated many users, who found they were no longer able to transact anonymously.<\/p>\n
Executives had incrementally phased out ways of trading on LocalBitcoins without revealing ones identity, with cash trades now banned and ID submission obligatory.<\/p>\n
By contrast, LocalCryptos stays away from such requirements, operating as a non-custodial resource under which no financial liability is taken on.<\/p>\n
The setup allows the platform to retain features that LocalBitcoins has shunned. When cash trades disappeared, LocalCryptos turned the decision into a PR opportunity on social media.<\/p>\n
Other operators in the space, such as Bisq, also saw a surge in popularity during the change, which occurred in June this year.<\/p>\n
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