Norwegian Crypto Startup Bitruption Exchange Looks to Rival LocalBitcoins as a Worthy Competitor
A couple of days back, a Nordic startup led by Ole André Knutli announced that it was all set to launch its very own peer-to-peer marketplace called ‘Bitruption’. The project is similar to Localbitcoins in the sense that it too allows people to buy/sell/advertise digital currencies for local fiat.
More About Bitruption
As mentioned earlier, Bitruption aims to serve as a peer-to-peer exchange whose design and overall UI was devised by Knutli (who coincidentally is also the the company’s project manager). As per Knutli, his team's vision from the get go was to release a trading platform that allows enthusiasts to foster their very own local ‘micro-exchanges’.
It is also worth noting that in its current iteration, Bitruption only allows users to trade a select few cryptocurrencies (these include bitcoin cash (BCH) and bitcoin core (BTC)). Other than that, it also allows customers to facilitate regular bank transfers (similar to what most other exchanges are offering as well).
Elaborating on his latest venture, Knutli was quoted as saying:
“We will build support for more digital currencies and add more payment options, but this is further down the line. Bitruption preserves the freedom and flexibility of a peer-to-peer format. Our goal is to provide people with more choices to trade digital currencies in a safe and user-friendly environment. We will provide the digital infrastructure and let the users establish markets to trade how they see fit.”
Talking about the security aspect of Bitruption, the platform complies with Norway’s new money laundering rules — as a result of which, the company is registered with the Norwegian Financial Supervisory Authority.
This move has been seen by many as one that will help build long-term trust amongst the alt-coin community at large, as well as foster a secure environment where crypto trading can be done without any risk of fraud.
Lastly, as things stand, Bitruption is currently only available for use within Norway, but the company's executive brass plans on changing that by spreading the firm's operations all across the globe (in the near future).