Local Remit

The Local Remit platform allows people to exchange cryptocurrency with cash, giving impoverished communities access to cryptocurrency as a financial alternative. Currently less than 1% of human population use or own Cryptocurrency and in the next 5 years, if that number grows to 10% or 15%, they will use peer to peer marketplaces to buy their first Crypto with fiat. Local Remit will be leading the pack when that time comes.

Over-the-counter trading, which is where two parties exchange with one another directly without the supervision of an exchange, has been a popular concept in cryptocurrency since Bitcoin’s beginnings. OTC trading grants flexibility as there are no restrictions on what you can swap for cryptocurrency and person‐to‐person transactions don’t involve a financial intermediary.

Exchanging cryptocurrency with strangers online and in person carries a major risk: how do we ensure that both parties are going to hold up their end of the bargain and not vanish as soon as money or cryptocurrency hits their account? This exposure is known as counter‐party risk. Local Remit ensures everyone transacts without fear by introducing a Trustless Escrow.

Local Remit should work seamlessly across many devices. People trade on the go, especially when dealing with physical cash. The platform needs to work on desktops, laptops, tablets and phones all at the same time.