Popular Ether (ETH) peer-to-peer (P2P) trading platform, LocalEthereum has announced a change of name to LocalCryptos, in order to provide more services for its users.
Announcing the move in a blog post today, the firm, which is also seeking regulatory approval from the Finnish government, aims to rival LocalBitcoins, another peer-to-peer crypto marketplace in Finland.
Rebranding from LocalEthereum, evidently allows the platform to go a step further to provide support for a variety of cryptocurrencies, including Bitcoin (BTC) and ERC-20 tokens, with ERC721s expected to be added to the list in the distant future, per the announcement.
Meanwhile, LocalCryptos also took a dig at LocalBitcoins in the announcement, stating that their rivals do not understand what it means to maintain users’ privacy as this mistake could make the platform vulnerable to attacks, and would subsequently lead to the loss of investors’ funds.
A section of today’s announcement read:
Platforms like LocalBitcoins are centralized, custodial, and a far cry from [being] private. These platforms are vulnerable to hacks and thefts like a centralized exchange.
Describing the move as a “large milestone,” LocalCryptos stated they would be sticking to the ideologies of cryptocurrencies – eliminating the roles of middlemen and providing end-to-end encrypted messages.
Notably, the firm stated that they are working toward solving the problems associated with LocalBitcoins, as they will be using a non-custodial approach in the storage of cryptos, where users will be given control over their tokens, thus eliminating the risk of theft.
The firm, which boasts of a total of 100,000 peer-to-peer traders from 70 countries, stated that its platform is used by 1,000 daily users to conduct more than 200 different transactions.
As per the announcement, LocalCryptos noted that aside from providing its services to crypto enthusiasts, it will extend its solution to unbanked and underbanked citizens, with the firm hoping to free Venezuela from the hyperinflation the country is currently facing.
Meanwhile, in another update about crypto firms changing their names, Coinfomania reported earlier this month that popular South Korean crypto exchange Bithumb changed its corporate name to “Bithumb Korea.”
