LocalBitcoins Partners with Elliptic

Judy Rubio

Companies that decide to establish partnerships gain a lot – the number of advantages is great and collaboration can greatly impact the entire activity and business as well as the quality of the services such partners provide to our society. Mass media outlets have recently announced that LocalBitcoins has finally partnered with Elliptic, a well-know blockchain intelligence company whose services are widely used across the entire crypto community.

Both teams believe that their project will help them gain access to new tools usually employed for monitoring blockchain. This, in turn, will significantly change the current situation for the better – executives expect to prevent all kinds of illicit uses of their services.

LocalBitcoins has made another step forward and is now ready to apply the measures that P2P exchange uses while fighting against various criminal activities the team oftentimes witnesses on the platform. Chief officers of the brand say that the newly established contact is a major move toward tracking the most challenging nuances that the firm’s platform sees from time to time.

Also, the representatives admit that their platform handles and supports BTC only. They do not touch any of the traditionally used currencies – this is why the team does not have the same viewpoint to the financial side typical of the traditional sector and they are different from banks.

More than that, analysts claim that the company is exceptionally diverse – nowadays it operates in over one hundred and fifty countries and this is what helps the firm create individual challenges when it comes to the practical side. Professionals note that LocalBitcoins will need to make great efforts if they intend to evaluate and then process the legitimacy of documents that it receives from its customers.

Diversity and Fresh Approach

As we all know, there are users from all around the globe and the site is multilingual. Luckily, the team hires employees from more than twenty countries. Besides the mentioned diversity, collaboration with Elliptic will open doors to more instruments and tools used while monitoring blockchain.

Once this part is done, there will be less illicit use of the platform’s services. From now on, verification procedures will be even more demanding and strict. The team will try to comply with laws and regulations set by authorities.

Elliptic’s executives do not agree that increased controls on websites have secured key gains or that this measure will help reduce criminal activities in the sector. P2P crypto exchanges have already adapted to the new environment and infrastructure – modern controls are rather restrictive and this attitude makes a negative impact since it has led to a fifty-percent reduction in the volume of digital assets that are transferred from the darknet to exchanges.

Many professionals choose to leave behind the website’s previously employed models of operation. On the other hand, there are partners who are prepared to invest even more in KYC and AML to maintain and support a reliable and safe platform. More thorough research of the historical details and nuances proves that LocalBitcoins still has great opportunities to consider and change its further plans.