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The existing EthBits platform is similar to the popular LocalBitcoins product available for Bitcoin.
EthBits was founded in mid 2016 by Monty Singh. The platform is similar to LocalBitcoins which connects bitcoin buyers and sellers in an over-the-counter trading environment. Users request or offer the cryptocurrency for a fixed amount, and settle trades in person for cash, or online with bank transfers. By August 2016, LocalBitcoins had 1.35 million people from 249 countries and regions using the platform, and trading in excess of US$14 million per week.
“LocalBitcoins allows users to buy bitcoins without a bank account, but we are moving into alternative currencies to cater for the growing movement into crypto.” – Pravjit Singh, EthBits.com Director, Founder & CEO
EthBits Local will launch immediately after a Token Crowd Sale running from April 15th through to May 13th. The platforms token will be used by customers to pay site fees, while a planned integration with the payment cards like mycelium will allow the tokens to be spent around the world. The funds will help EthBits.com enter the second phase of development, a trading exchange called iTrade.
EthBits iTrade will launch in 2018, covering the top 15 cryptocurrencies. The trading platform revolves around a system known as “copy trading,” which enables traders in the financial markets to automatically copy positions opened and managed by a selected investor.
New traders benefit from the expertise and knowledge of experienced market gamers, who can amplify their profits based on their number of followers. “Traders who work in our platform have the opportunity of earning a percentage of their follower’s profit and obtain power-ups to gain certain privileges, such as reduced fees,” explained EthBits.com Director, Founder & CEO Pravjit Singh.
While developers get to work, the CEO plans to move headquarters to Gibraltar, with a services office in the UK. EthBits.com also has agreements to open offices in the UK, France, Spain, China, USA and Australia. A full legal team will be hired to assist with expansion and legal compliance. The end goal is 20 offices across the globe.
“Having easy-to-use, secure cryptocurrency technology that integrates P2P exchange between fiat and cryptocurrency, credit card capability, and cold, secure storage of user funds while providing novice users techniques to improve their skills is the future of safe trading and exchange of assets. Providing users with a return on net profits serves as an additional Enticement,” Singh added.
The token used in the crowdfund will enable participants to share the platforms trading fees, which are pooled and distributed on a quarterly basis. The token ($ETB), itself will be available to trade on iTrade platform.
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