LocalEthereum’s P2P platform changed its name to LocalCryptos to support more cryptocurrencies, starting with bitcoin.
According to the statement, the platform has more than 100 thousand users around the world.
With rebranding and the addition of bitcoin trading, the site competes with the popular P2P platform LocalBitcoins, and LocalCryptos believes that they have advantages. They include the non-custodian BTC escrow system and end-to-end message encryption.
Platforms like LocalBitcoins are centralized, custodial, and a far cry from private. These platforms are vulnerable to hacks and thefts like a centralized exchange.
Hackers have stolen several billion dollars from the past, and at least two incidents related to LocalBitcoins traders, the statement said.
LocalCryptos does not store user private keys and declares that it gives them full control over the funds.
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