Norwegian Startup Bitruption Plans to Launch a Localbitcoins Competitor
On Nov. 4, a Norwegian startup announced the launching of a new peer-to-peer market called Bitruption. Similar to Localbitcoins, the Bitruption exchange programs to offer a format under which users around the globe will have the ability to market, buy and sell electronic monies for local fiat.
The Bitruption trading platform is a peer-to-peer exchange which has been recently announced by Ole André Knutli, the company’s project manager. In accordance with Knutli, the Oslo-based team shortly plans to establish a trading platform which will allow traders to create their own micro-exchanges on a neighborhood level, much like Localbitcoins. However, in comparison to Localbitcoins, Bitruption will allow users to exchange multiple cryptocurrencies. Initially, the platform will only encourage bitcoin cash (BCH) and bitcoin core (BTC), along with bank transfers.
“We will build support for more digital currencies and include more payment choices, but this is farther down the line,” Knutli clarified.
The company is trying to distinguish itself from traditional exchanges. “Bitruption maintains the flexibility and freedom of a peer-to-peer format. Our intention is to provide individuals with more choices to trade digital currencies in a protected and user-friendly surroundings,” the company said on its website. “We shall provide the electronic infrastructure and let the users set markets to exchange how they see fit.”
Bitruption added that there is a fresh money laundering act in Norway that needs one to register with the government. The business is currently in the process of registering itself with the Norwegian Financial Supervisory Authority, as it considers that building longterm trust is a far better approach than allowing fraud on the market. The team will therefore implement a KYC/AML system so as to eliminate illegal actions. Bitruption will initially launch for Norwegian users and then expand internationally after climbing the marketplace.
At the moment there are not many exchanges that operate in a peer reviewed fashion, other than a couple like Bitquick, Localbitcoins and Localbitcoincash. Knutli reported that it is”vital that we build more bridges” and Bitruption is concentrated on doing exactly that.
The company will discuss the project at the Cryptofinance conference in Oslo on Nov. 17. It is going to also speak at the Coingeek conference in London on Nov. 28–30.