The first decentralised and P2P (peer-to-peer) trading platform for buying EOS with fiat currency, EOSLocally, was announced a few hours ago.
When looking at the range of platforms that provide the possibility to convert crypto into fiat currency without going through an exchange, there are some very interesting platforms, one of them being LocalBitcoins, which allows many users to buy and sell bitcoins and other cryptocurrencies thanks to their service.
EOS can now boast a similar system thanks to EOSLocally which, through the use of a smart contract, allows the parties to sell and buy independently EOS. This means that the assets will go directly from account to account, without intermediaries – EOS accounts are alphanumeric addresses that are easier to remember than those of Bitcoin or Ethereum.
Therefore, EOSLocally is a P2P trading platform, which means that trades take place directly between users with fees of around 0.99% and with very short waiting times: a transaction on the EOS blockchain takes about 2 minutes to be irreversible.
EOSLocally gives users the possibility to meet in person to make the exchange and also supports WeChat Pay and Venmo.
This is an important service in an industry dominated by centralised exchanges that offer a similar service but with slow and difficult KYC (Know Your Customer) and AML (Anti Money Laundering) procedures.
