P2P cryptocurrency exchange Ethbits Local goes live

Peer-to-peer cryptocurrency exchange Ethbits Local is now online and offering trades throughout the United Kingdom, France, South America and Nigeria.

Participants can also complete cryptocurrency payments, bank transfers and cash trades. Accepted currencies are ETH, in-house token ETBS and Bitcoin, with ZCASH and XMR coming soon.

Ethbits Local raised $1.3 million (13,786 ETH) in a crowdsale which saw 1.3 million ETBS tokens distributed to 820 investors. That, and a partnership with BCB ATM position Ethbits Local well in the marketplace, its PR and business growth manager Matthew Radbourne said.

“We’re very pleased that BCB ATM have agreed to make Ethbits available through their network of ATMs. 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.”

ETBS have been upgraded to provide token holders with profit-based rewards. A token burn function will be deployed the coming months, also based on profit amount.