Crypto Exchange, LocalTrade, Now Under New Management to ‘Bring an Innovative Product with No Analogs’

LocalTrade crypto exchange, with headquarters in Europe, is now under new management as it looks at the market with fresh eyes and promises to make finances and blockchain clear and available to everyone.

0
98
JOIN US ON TELEGRAM

LocalTrade crypto exchange, with headquarters in Europe, is now under new management as it looks at the market with fresh eyes and promises to make finances and blockchain clear and available to everyone.

The new management includes the following:

  • Alexandra Buimister – The financial editor and researcher with rich experience of international work in financial and fintech sectors, founder of alternative banking services, was appointed the COO. Alexandra has taken decision-making positions within various world-known brands: CROWDESTOR, ncrypto.io, Forbes Latvia & Finland, BCA Research (Euromoney PLC), Supreme Group, etc.
  • Aaron Levi Yahalom – He will be in charge of the further development of the crypto exchange. Aaron has rich experience in marketing and was part of various cryptocurrency and financial projects. These projects have always demonstrated excellent results. Among the most famous ones is PureFi, where Aaron held the position of RegTech Strategist. This is the first and only protocol for the implementation of AML technologies into DeFi.

______________________________________________________________________

SEE ALSOBitcoin Sees Largest Active Addresses Surge Ever Recorded in July 2021

______________________________________________________________________

Speaking about these latest developments, Aaron said:

‘We have reconsidered the vision of the cryptocurrency market and believe that the modern product should be intuitive, fast, easy-to-use, and, above all, flexible. That’s why we are introducing an absolutely new product that will assist in exchanging cryptocurrency quickly and comfortably, make money on it, and manage personal finances at the same time. This innovative product has no analogs.’

                                              – Aaron Levi Yahalom

The given vector of LocalTrade development provides for some improvements on security and comfort of working with the platform. They intend to develop the fintech industry and unleash the potential of the decentralized finance industry (DeFi).

In their understanding, DeFi is not just a part of the fintech industry, but rather a new approach that allows solving the existing problems using blockchain technology.

Decentralized financial services fully exclude the participation of mediators. Instead, there are smart contracts that allow creating trust protocols.

Using DeFi technologies also eliminates the risks of loss of funds because of fraud: the user performs all commercial transactions using his/her personal eWallet that cannot be accessed by third parties.

LocalTrade plans to launch its DEX (decentralized exchange) around Q3, 2021. Such exchanges do not store users’ personal data, do not require the KYC procedure, and, most importantly, do not store users’ assets. But even in this case, decentralized exchanges have certain disadvantages.

The primary disadvantage of DEX is a limited set of available assets and trading pairs. For trading, decentralized exchanges use liquidity pools and Automated Market Makers (AMM).

To add a new trading pair to such an exchange, one needs to create a smart contract pool and provide sufficient liquidity. The use of non-optimized smart contracts in DEX is fraught with high commissions and the long wait for the operation to proceed. It also significantly increases the likelihood of trade failure.

Decentralized crypto exchange LocalTrade will use the orderbook platform. This eliminates any chance of canceling trades. Besides, one can add new trading pairs without having to create a smart contract each time.

When creating the protocol, developers paid special attention to the optimization of smart contracts to reduce fees and increase the speed of transaction processing. Later on, they intend to rebuild the system architecture based on Layer-2 solutions to significantly improve performance.

Apart from the problems stated, traders often complain of significant losses when exchanging e-money with large amounts of liquidity. LocalTrade will allow traders to set an acceptable asset price change threshold during the buy and sell operations.

However, the most important factor that plays against DeFi is the complexity of the industry as a whole and the lack of information. All this leads to a high entry threshold. The Internet is actually saturated with many offers to invest in DeFi, but ordinary users cannot evaluate each offer objectively. 

‘LocalTrade is creating another product for such users. It will be called Marketplace. There everyone will be able to choose a project from a list of proven ones and invest in it without any restrictions,’ Aaron says.

______________________________________________________________________

RECOMMENDED READING: DeFi: Activity on Decentralized Exchanges Declines for a Second Month in July 2021

______________________________________________________________________

Thank you for your support by helping us create content:

BTC address: 3CW75kjLYu7WpELdaqTv722vbobUswVtxT

____________________________________________________________________

Follow us on Twitter for latest posts and updates

Join and interact with our Telegram community

_____________________

Subscribe to the channel below to keep updated on latest news on video:

_____________________________________________________________________________

This is a sponsored post

LEAVE A REPLY

Please enter your comment!
Please enter your name here