Cryptocurrency Exchange LocalTrade: New Team of Professionals Come into Play
News about LocalTrade LLC buying out a cryptocurrency exchange went around all specialized publications. It turned out that the new management is already ready to discuss the prospects for the market development and is doing everything possible to make blockchain and financial management clear to everyone.
The post of the COO (Chief Operating Officer) was taken by Alexandra Buimister. She has held senior positions in world-famous companies Forbes Latvia & Finland, CROWDESTOR, Supreme Group, ncrypto.io, BCA Research (Euromoney PLC). Consequently, her experience in fintech is quite formidable. Also, it was Alexandra who came up with the idea of particular alternative banking services.
The development of the cryptocurrency exchange is a direct responsibility of Aaron Levi Yahalom. All cryptocurrency and financial projects with his participation are bound to success. PureFi (decentralized finance compliance protocol) where Aaron held the position of RegTech Strategist can serve as a great example.
In general, the news about the changing management and work strategies was well received.
Further Development of LocalTrade: Plans
“We have reconsidered the vision of the cryptocurrency market in the first place. In our opinion, all modern products have to be easy to use, fast, intuitive, and as comfortable for users as possible, as well as flexible, too. That’s why we offer something fundamentally new for the industry. Our product is designed to provide the fastest and most comfortable exchange of cryptocurrencies, simple and effortless income, along with clear and understandable financial management. This is going to be a true breakthrough – the cryptocurrency market has never seen such a thing before,” said Aaron.
Above all, LocalTrade is engaged in improving the security and convenience of the platform for their clients. They plan to develop a field of decentralized finance (DeFi) that has become popular in 2020. DeFi caused the most popular DeFi-token YFI to rise in price by 128,000% and set an all-time high at the amount of $41,000.
Aaron states that DeFi is now a universal way to solve all the problems of the industry with the help of blockchain technology.
Decentralized financial services work without any intermediaries. But they use smart contracts instead – they create trust protocols for fast trading transactions.
This way the risk of fraud is minimized: DeFi technologies allow the client to conduct any operations independently using a personal wallet that no one else has access to.
The company plans to launch a Decentralized Exchange (DEX) by the end of the third quarter of 2021. Its peculiarities are as follows:
- It does not save personal data of counterparties that do not require identification (passing the KYC procedure);
- It does not store user assets.
However, Aaron is convinced that decentralized exchanges not only bring some benefits but also have their disadvantages:
- A bit limited set of available assets and trading pairs;
- One has to provide sufficient liquidity and also create a smart contract-based pool to create a trading pair;
- Not optimized smart contracts lead to high commissions and increased waiting time for the operation, so the risk of trading disruption increases significantly;
- Using liquidity pools and AMM systems (Automated Market Makers) for trading operations. They allow digital assets to be traded automatically and without permission.
LocalTrade aims at solving these problems with the help of an orderbook platform. It does not allow you to cancel trades and also helps to add new trading pairs, avoiding the creation of smart contracts.
Aaron emphasizes that they’ve decided to pay attention to reducing fees and speeding up the passage of transactions as much as possible. For this, it is necessary to optimize smart contracts. The company aims at re-architecting the entire system using Layer-2 to improve performance.
Also, there were frequent complaints from traders about significant losses when exchanging cryptocurrencies with high liquidity. LocalTrade is going to implement a system where traders will be able to set an acceptable threshold for changing the price of an asset on their own. This will significantly reduce future losses.
Why LocalTrade Is Going to Become #1 Crypto Exchange in the Coming Year
The mission of the exchange is to allow easy access to secure and profitable DeFi and CeFi products while using the capacity and infrastructure of the existing CEX. This is going to be the DeFi marketplace for new cryptocurrency investors who are looking for dependable tools for their business opportunities.
LocalTrade offers the following efficient services:
- CEX and Trading with a wide range of features, among which are margin, spot trading, codes, as well as trading competitions. The benefits are numerous with promotions, affordable fees, and rapid order execution, to name a few.
- LocalTrade VISA Card and NeoBank App. As many users hesitate to use cryptocurrency as the main payment method, LocalTrade has developed a VISA Card that will allow users to utilize both crypto and fiat with easy and fast conversion, no monthly or transaction fees.
- DeFi wallet which is secure, 100% confidential, customizable, and with cross-chain DEX integrated which lets users exchange their assets from various blockchains practically instantly.
Given that the popularity of cryptocurrencies is constantly growing, and there appear lots of hodlers and traders every day, finding the best crypto exchange that will suit every user has become a challenge. Nevertheless, LocalTrade is the exact place where all the advantages of a crypto exchange and expectations of crypto enthusiasts and traders meet and unite. And more and more users get acquainted with and try out the benefits of this platform.