Developments in the cryptocurrency industry have always managed to catch the eyes of users and investors alike with many going further on the promise. Cryptocurrency organizations have made it a point to listen to the community and implement what they require to gain a large user base.
Just recently, CryptoLocally, the popular peer to peer trading platform announced that it will be listing Ethereum based virtual assets to its platform. The new assets will include tokens such as Ether [ETH], Tether [USDT] and DAI.
According to CryptoLocally, the company wants to provide customers with the best experience so that they are able to trade any of the cryptocurrencies they hold seamlessly. The addition of Ethereum based tokens becomes relevant because of the blockchain’s impact on various dapps and DeFi applications. CryptoLocally further aims to establish itself in the Ethereum space before the launch of Ethereum’s next iteration, Ethereum 2.0.
CryptoLocally users have stated time and again that the learning curve to use the platform is gradual with a touch of inclusivity. Market research has shown that CryptoLocally offers one of the fastest and easiest onboarding processes in the industry. The first step that users need to take is to hold a valid email address after which they have to complete a Know Your Customer [KYC] process. An exclusive release by the company added:
“Trading Ethereum-based digital assets will follow the same simple and easy trading process that the CryptoLocally is known for. Existing users will just have to select the desired ERC-20 cryptocurrency they wanted to trade. Like all the digital assets traded in the platform, ETH, USDT, and DAI are all protected by a blockchain-based escrow service that protects transactions all throughout the entire trading process.”
With the new additions, users will be able to meet in person, send a bank transfer, or use a myriad of payment processors to complete the payment process. The underlying CryptoLocally revolutionary smart contract escrow system is one of the main reasons for this to be possible. The USDT, Ethereum, and DAI will be protected by the escrow system, enabling users to conduct multiple transactions on the fly.
Developments such as the one made by CryptoLocally pave the way for altcoins to make a bigger mark in the cryptocurrency industry. At the time of the press, Ethereum was trading for $264.09 with a total market cap of $219.54 billion. A daily rise of 8.65 percent in value also raised the 24-hour trading volume to $8.49 billion.