BTC Exchange LocalBitcoins adds Cardano, DOGE, and more cryptocurrencies in its goals to expand worldwide as we can see more in our latest crypto news today.
The peer-to-peer BTC exchange LocalBitcoins is expanding its offerings beyond just Bitcoin with goals to grow its customer base and adapt to new market conditions while still embracing the world of altcoins. LocalBitcoins announced that it will add support for DOGE which is Elon Musk’s favorite cryptocurrency and along with this coin, it added support for payments with Polkadot, Tether, Cardano, Bitcoin Cash, USD Coin, and Chainlink. The platform said in an official blog post:
“You asked, we delivered! Some highly anticipated altcoins have now been added as payment methods!”
LocalBitcoins noted the inclusion of more than 40 other alternative payment methods like AirTM and transfers between Uphold accounts, Mercadoago, Chime, and PIX in Brazil. At the moment, the trading volume is not available yet for other altcoins but DOGE ads are now dominating the LocalBitcoins board. The exchange competes with Paxful to become the leading peer-to-peer platform among BTC traders. It is dominant in Latin America where it established itself as the main option for these countries. For example, due to legal restrictions, Paxful doesn’t support users from Venezuela which has one of the biggest crypto adoption rates according to reports by Chainalysis.
Crypto traders could choose P2P exchanges for many reasons, including the fact that trading windows usually allow for less exposure to the market fluctuations and the traders secure more deposits into their accounts in an instant. With the move, LocalBitcoins is in a good position to fight off the competitors like Binance P2P as the platform developed by the world’s biggest exchange by volume. Binance P2P grew rapidly since the launch and already supports other altcoins. As previously reported, Binance clocked $4.2 billion from trading volumes on its P2P exchange a year ago and according to the data from Coin Dance, LocalBitcoins generated about $2 trillion in volume while Paxful scored $1.6 trillion in the same time.
As recently reported, LocalBitcoins is no longer available in Russia without using additional tools like VPN. The LocalBitcoins exchange gets blacklisted in Russia as local telecom regulator Roskomnadzor placed the URL on a register of platforms disseminating prohibited information.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]