The Crypto Peer-to-Peer trading platform CryptoLocally has been hard at work delivering on its promises to add innovative coins to its platform. They partnered up with TRON and Binance X which resulted in the addition of 4 new coins (TRX, BNB, BTC, and BUSD) and now the platform recently announced the support of yet another coin. USDT-TRC20, the TRON-based variant of the leading stablecoin cryptocurrency Tether, will now be available to trade on their platform. With this new development, users of the P2P exchange will be able to leverage TRON’s scalable and near-feeless blockchain platform allowing them to move their USDTs faster and cheaper. CryptoLocally’s announcement seems to coincide with USDT-TRC20’s achievement of being the second largest issuance platform of Tether after overtaking OMNI recently.
What is CryptoLocally?
The team behind CryptoLocally aims to give its users the fastest and most convenient way to buy and sell cryptocurrencies. So far they have been delivering on their promise by offering a simple and secure platform where users can start buying and selling cryptocurrencies within minutes as it does not require users to divulge any personal information (no KYC needed). New users will be able to trade immediately after a simple registration process and email verification. In addition, transactions in the exchange are non-custodial and are protected by blockchain-based escrow service. This ensures that all transactions are protected from external and internal threats.
CryptoLocally’s relentless efforts to improve its platform and share its success with its users through its referrals program will further accelerate its tremendous growth. Based on what we’ve seen so far, this relatively new exchange seems to be on the right path to becoming one of the major players in the cryptocurrency exchange industry.
Stablecoins like USDT solve the risk of the high volatility of cryptocurrencies problem by ensuring that there is no substantial change of value during the transaction. There will be no need for additional charges to convert back to fiat and there are no other inconveniences associated with traditional finance. This leaves USDT users to only deal with fees and transaction processing time associated with the USDT blockchain itself. However, the older versions of USDT (OMNI and ETHEREUM) proved to be inefficient and expensive especially when their networks are congested.
TRON-based USDT solves the scalability and transaction cost problems. USDT-TRC20 tokens are a lot faster than OMNI and Ethereum variants. OMNI which is based on the bitcoin network can only process around 7 transactions per second while Ethereum based USDT maxes out at 25 transactions per second (TPS). In contrast, USDT-TRC20 can do 2,000 TPS which is several hundred times faster and more comparable with the processing capacity of traditional finance like VISA.
Transactions fees are also a lot less compared to OMNI and Ether due to TRON’s unique regenerative resource allocation model that allows users to execute limited feeless transactions. Users who do not have enough resources for the feeless transaction can also pay with TRON’s own protocol token called TRX that functions like Gas for the Ethereum network. Transaction fees in TRON typically cost less than 1 TRX whose current value is around $0.016 USD. Transaction fees for USDT-TRC20 are so small withdrawal fees on some exchanges have been waived off.
Listing USDT-TRC20 on CryptoLocally as a tradable asset is yet another positive step towards achieving its goal of offering the best trading experience for its customers. This is part of their continuous effort to bring more value into their ecosystem which has been fuelling their tremendous growth for the past few months. Their consistency in offering relevant and timely products and services is a clear indication of their commitment and has been a winning formula to stay ahead of the competition.
Try for yourself and buy or sell USDT-TRC20 with your local currency now on CryptoLocally.com!