Ethbits local, a peer to peer market place for trading digital currencies like ethereum and bitcoin, has launched today trustnodes is told.
The platform will initially start operating throughout the UK, France, South America and Nigeria, with just two digital currencies on offer, eth and btc.
However, they say they have plans to add XMR and Zcash due to their focus on privacy, but no time estimates are provided as to when those two currencies may be added.
Interestingly, the marketplace says they have partnered with BCB ATM, a UK based bitcoin ATMs provider, with Ethbits’ iTrade platform linked to BCB ATM’s to help people find crypto traders in their local area.
Matthew Radbourne, Ethbits PR and Business Growth Manager, said they were very pleased “BCB ATM have agreed to make Ethbits available through their network of ATMs,” before adding:
“As cryptocurrency goes mainstream, there will be an ever-greater demand for convenient solutions such as ours. The research shows that traditional cash and cashpoints aren’t going out of fashion any time soon. If we want people to use cryptocurrency, we need to start offering them solutions that are already familiar to them.”
Ethbits raised 13,786 eth, currently worth around $4 million, in an ICO where 820 investors received 1.3 million ETBS tokens. The start-up says:
“Ethbits Local has recently been upgraded to reward token holders based upon the profit from the platform and also has a token burn function which will be utilised in the coming months – again based on the amount of profit generated through the platforms. 132 Ether was distributed to token holders in August with a further payment expected in January.”
Following ethereum’s stupendous rise in popularity this year, lack of infrastructure in some aspects quickly became obvious.
That’s primarily because current established providers, such as BitPay, limit their offerings to only bitcoin. As does Localbitcoins, a peer to peer market place.
Competition therefore is seemingly rising to provide likewise services for ethereum, and potentially other digital currencies, with Etherbits being the latest to enter the market.
Their timing is apt because Localbitcoins has been under some criticism for the way they treat non-bitcoin currencies, while BitPay has angered many ethereans for not offering eth as an option for their many merchants.
As such, competitors are no longer waiting to enter the market, even though they risk fierce competition if incumbents simply add other currencies.
However, the advantage for lean new entrants might be the good will gained by providing a needed service while established players didn’t, which might give them enough time to establish a foothold in the market, and thus be able to compete regardless of what incumbent businesses do.