- LocalBitcoins registers a steady influx of new users despite KYC procedures.
- The platform’s CEO attributes the decline of trading volumes to reasons other than KYC.
A popular p2p cryptocurrency trading platform registers 4,000-5,000 new users every day, according to in November daily registers 4-5 thousand new users, Sebastian Sontag, CEO of LocalBitcoins. This number has not changed even after the platform introduced the verification process.
He explained that the decline in trading volumes on the platform was not associated with the introduction of KYC procedures. It was caused by other changes. Sontag expects that a steady influx of users will increase thee volumes in the coming weeks.
To attract new traders, LocalBitcoins improves customer support services and offers new features. Thus, now users are allowed to have multiple open transactions. Users welcomed the innovation, Sonntag said.
However, the platform remains focused on supporting bitcoin and does not plan to provide altcoin wallets in the near future, including Ethereum or XRP, he added. Sontag emphasized that he was a supporter of the regulated cryptocurrency market, and reminded that LocalBitcoins had become a digital currency provider in Finland.
Previously, the p2p platform LocalEthereum changed its name to LocalCryptos and announced its intention to compete with LocalBitcoins. The platform has about 100,000 users.