We maintain positive growth of 135,000 new users per month
In a recent interview with LearnBonds.com, Sebastian Sonntag, CEO of LocalBitcoins, explained how the business is developing, the regulatory landscape of the crypto industry, the introduction of crypto bots. like the BitQT app and the main challenges facing the cryptocurrency market.
At the same time, he mentioned that they are working to improve their services with new features and new services. The latest features added by LocalBitcoins have been received positively and continue to evaluate user feedback to introduce more improvements for customers.
Many users who like LocalBitcoins were in part because of their no KYC policy, which was changed in due course. The assumption is certainly that this is something that would affect their income, as a lot of traders and people who have used robot trade platforms should cease use. This does not seem to be the case.
1. LocalBitcoins has become a popular site for buying and selling Bitcoin. What are the current issues and challenges facing the platform, and how are you dealing with them?
“We are currently going through a transition period, past the deadline to move to a new level checking structure. During this month (November 2019), we are working to catch up with a sharp increase in support requests, by hiring more staff and investing in training. Support is the largest and most international team at LocalBitcoins, and we already distinguish ourselves from Finnish companies for our multicultural and dynamic working environment.
The verification system itself is still a work in progress, and we are very grateful to have an active user base, as their feedback has been essential in providing insight to make the process so agile and efficient. as possible.
2. In recent years, especially in 2017 and 2018, Altcoins have gained a bigger presence in the market. Are you planning to offer services similar to the top 10 cryptocurrencies such as Ethereum, XRP or Litecoin?
“LocalBitcoins has focused on supporting Bitcoin since the inception of the company, and there are no plans to provide wallets for other cryptocurrencies in the near future. Ethereum, Ripple, and Litecoin can be used as payment methods to buy and sell Bitcoin, but all Altcoin transactions are handled by external services.
3. LocalBitcoins has been adopted in different regions due to the introduction of payment systems specific to each country. Are you planning to introduce disruptive features in the future to attract more traders?
“We recently enabled multiple concurrent open trades to make trading faster and more convenient, and this change has been received very positively. LocalBitcoins is restructuring itself internally, and one of the priorities for the next feature will be to collect and review user concerns and requests, so that we can assess which features are most needed and gradually introduce more improvements. aimed at customers during 2020. We are always open to receive user feedback, and feature requests are already being addressed through support tickets.
4. Regulations around the world are becoming a major topic for cryptocurrency related businesses and exchanges. How is LocalBitcoins dealing with it and what do you think regulators should be focusing on?
“LocalBitcoins has always believed in promoting Bitcoin as a viable and legitimate financial system. An important part of this is having a strong stance against the criminal uses of cryptocurrency, which we understand is the main concern of regulators. Our company has made every effort to meet the legal requirements of our own jurisdiction, and we have recently been officially registered as a virtual currency provider by the Finnish Financial Supervisory Authority.
5. LocalBitcoins does not offer services to US customers. Various spot exchanges enter the US market through subsidiaries. Are you considering or discussing the possibility of providing services to US citizens?
“LocalBitcoins’ mission is to bring Bitcoin everywhere, and we want to make our service accessible to as many people as possible around the world. Having a US subsidiary is an attractive option for some bitcoin exchanges. LocalBitcoins is currently seeking legal advice on the best alternative for our platform and how it should be executed.
6. You operate in Finland and more than 20 professionals work on the platform. Are you planning to expand into other countries or open new offices in other jurisdictions?
“LocalBitcoins already has over 40 employees today. We operate in Finland, with our headquarters in Helsinki. LocalBitcoins is an online service, so users and customers from different parts of the world have found the platform and started using it, but our services are not intended for any specific market.
7. What do you think are the main issues related to the cryptocurrency market, excluding regulatory issues?
“We are privileged to be one of the broadest reach companies in the industry, and we understand that Bitcoin and cryptocurrencies, in general, are becoming important to increasingly diverse segments. A fundamental concern for us as Exchange platform is related to educating users, not only on the use of cryptocurrency, but also on basic cybersecurity issues.
8. When it comes to central bank digital currencies (CBDCs) and private stablecoins such as Libra recently announced by Facebook, do you think these crypto-assets could impact your business model?
“At this time, it is difficult to predict whether the expansion and diversification of the crypto industry’s offering will impact the use and reach of Bitcoin and how this will affect our platform.”
9. You recently added KYC procedures to your platform. How did this affect the new number of registered users on LocalBitcoins?
“The number of registrations has remained stable. We’ve had between 4,000 and 5,000 new users signing up to LocalBitcoins daily for quite some time, and that didn’t change in November. Even though the many changes our platform has undergone recently have had an impact on the overall trading volume, we expect the situation to stabilize in the coming weeks and improvements in the verification flow should also have. a positive influence. “
Thanks Sébastien for the conversation!
LocalBitcoins is one of the world’s leading p2p bitcoin exchanges and runs the Bitcoin revolution with its better technology than the Bitcoin trader Software. Find more information about other trading platforms, see the securities brokers page
Explore our investment and financing resources from A to Z