With a trading volume as high as $37,351,812.16 (equivalent to 1,086 Bitcoins) on Monday 28 June 2021 (source: coinmarketcap), LocalTrade seems poised to take the world by storm. Over the course of last year, the platform has blossomed from a tech fledgling to a technically updated, user-friendly exchange with advanced functionality for traders, stellar customer service, greater transparency, and speedy withdrawals and deposits.
New LocalTrade comes with a change of hands at both ownership and managerial levels, with young proactive executives transforming the centralized crypto exchange into a full-fledged financial ecosystem that leverages the advanced compliance of CeFi and combines it with safety and flexibility of DeFi to deliver an ultimately convenient and safe experience for users.
As a starting point of this ambitious plan, the new management is planning to launch their line of DEX products by the end of 2021. LocalTrade takes a proactive stance when it comes to making DeFi simple and accessible for everyone. This vision is embodied in DeFi Marketplace — an aggregation interface that combines diverse financial instruments and risk-based investment strategies, allowing investors to tap into the world of DeFi opportunities.
With their visionary ambition for LocalTrade, the new team aims to disrupt the established FinTech scene and bring unification to personal finance, merging advanced compliance and fiat payments solutions from CeFi with extreme performance and transparency of DeFi in a single inclusive product that will satisfy both crypto experts and new investors.
In order to further this vision, management has invited Aaron Yahalom to take the position of the LocalTrade CEO. Aaron is widely known in the crypto community for his contributions to the worldwide crypto adoption. Being a former a RegTech specialist at PureFi, he has expressed his concerns about the public perception of decentralized finance:
One of the main reasons why the wide public doesn’t recognize DeFi as an investment destination lies in an extremely complicated user journey. It takes a lot of technical knowledge and background in crypto to simply enter the sphere, and it takes even more to understand the intricacies and potential opportunities of decentralized finance. We address this issue by removing complexity from the equation and condensing the best DeFi opportunities in a unified, easy-to-use and secure product.
The company also made a strategic movement and changed its operating jurisdiction to Saint Vincent and the Grenadines. Management stated that the Caribbeans make for a perfect starting point from a legal perspective and will become a driver of the company’s expansion to new markets, in a fully transparent and compliant way.
The Caribbean has become an attractive environment for crypto projects, with the island of Bequia playing host to a pioneering Bitcoin community and Saint Vincent and the Grenadines participating in the Eastern Caribbean Central Bank (ECCB) pilot program, which implemented cryptocurrency as a fiat currency in members of the Eastern Caribbean Currency Union (ECCU).
Moreover, new management of the exchange has a technical partner in Dubai working on platform upgrades; banking on the burgeoning fintech scene in the UAE, the Saint Vincent company aims to develop a product that combines safety, performance and convenience.
Being an expertly crafted team with wide experience in developing blockchain solutions, the UAE IT company promises to significantly contribute to the platform's development, improving functionality and transparency of the LocalTrade exchange to make it a top destination for crypto investors. Both teams, from Dubai and LocalTrade, are constantly working together on testing and improving security systems of the exchange, getting the DeFi Marketplace up and running before the release, and plan to soon introduce more advanced tech solutions aimed to scale up the performance of blockchain.