LocalBitcoins CEO recently revealed that the company is growing at a huge rate, stating that the platform still receives over 135,000 new users per month.
The advancements of the crypto industry are becoming more and more apparent as the years go by. Numerous new exchanges are emerging, the number of cryptocurrencies is larger than ever, and the industry has made significant technological breakthroughs.
The interest in crypto trading, particularly P2P trading, is also growing, according to LocalBitcoins’ CEO, Sebastian Sonntag, in a recent interview. During the talk, he admitted that the company is expanding and that its user base is gaining 4,000 to 5,000 users per day.
Sonntag answered a number of questions regarding LocalBitcoins itself, the altcoin market, regulations, challenges that the crypto world is facing now, and more.
The interview
When talking about LocalBitcoins, Sonntag stated that the company is going through a transitional period. The firm is growing rapidly, and he admitted that the firm is,
Working to catch up with a sharp increase in support queries, by hiring more staff and investing in training.
However, he also noted that the company’s plans for the future do not include providing wallets for the altcoins, even the ones among the top 10 largest coins. However, the platform does work on improving itself, especially due to its adoption in various regions.
Sonntag stated that LocalBitcoins recently enabled ‘multiple simultaneous open trades,’ which would make trading more convenient and significantly faster. The changes were received very positively.
LocalBitcoins grows and improves
He particularly addressed the topic of crypto regulations. He noted that LocalBitcoins has always been taking steps to respond to legal requirements in all jurisdictions in which it operates. However, the platform does not serve US clients at the moment, although it is seeking legal advice on what it could do to change that.
Apart from the US and other similar regions, LocalBitcoins is one of the platforms with the widest reach in the industry. Even so, he believes that one of the platform’s main challenges is related to user education — not only regarding crypto but cybersecurity itself.
Sonntag also briefly touched upon Libra, stating that he is unsure of its impact on the crypto market and whether it will fuel adoption and expansion.
Do you think that Localbitcoins is more practical than crypto exchanges? Let us know in the comment section below!
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