The cryptocurrency market has taken a turn for the better with prices climbing up and multiple parties entering the industry. The area has also been helped along by joint partnerships by companies whose collaborations have elevated the cryptoverse’s reputation in the mainstream realm.
Just last year, Cryptolocally announced that they had partnered with popular P2P decentralized exchange Serum to conduct a mutual listing program/ According to the reports, Cryptolocally will list Serum Token as the first Solana based SPL digital asset while Serum DEX will support GIV on their decentralized exchange.
The partnership will seek to bring in more investments from new users while creating a concrete infrastructure alongside it. The partnership, which was announced in September, mainly cited the main objectives as jointly integrating features of both the parent exchanges. Sources close to the partnership informed TWJ that the SRM listing is also a way to popularize the blockchain’s functionality.
A press release from Cryptolocally said:
“The CryptoLocally development team is currently working on integrating more Solana features. These include supporting SPL token conversion, integrating Serum into CryptoLocally’s Defi Finance wallet, and running its own Serum node. The integration of SRM token into its Finance wallet is CryptoLocally’s bid to bolster its position as the only truly decentralized P2P trading venue with Defi integration.”
Listing the SRM token on CryptoLocally’s platform is expected to allow SRM to access the latter’s fiat gateway network. CryptoLocally has built the reputation of having a broad range of fiat payment methods in many jurisdictions. It will also benefit from the simple, fast, and user-friendly UI of CryptoLocally allowing new users without trading experience to buy and sell SRM tokens without having to learn the often convoluted process of using a decentralized exchange.
CryptoLocally made a name for itself by launching its GIVernance token and the subsequent ecosystem. Adding Serum DEX to CryptoLocally will allow GIV to tap into Serum’s DeFi programs. DeFi has been on the up and up since last year as crypto institutions bet big on a decentralized economy. The GIV token is issued on both Ethereum as an ERC20 token and on Binance Chain as a BEP2 token. Next in line for the token will be issuing it on the Solana blockchain as an SPL token.
Serum has repeatedly stated that users are the most important aspect of the trading floor with features being added routinely. Being part of the native DEX, SRM has a total supply of 10 billion units and is primarily used to reduce trading fees on the platform.