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Singapore, Sept. 22, 2020 (GLOBE NEWSWIRE) — P2P cryptocurrency exchange, CryptoLocally, recently closed a private funding round for their native token, GIV. The round was led by Alameda Research (owner of FTX, Serum), IOSG Ventures, NGC Ventures, Genesis Block, 3Commas, Smile Research and One Block Capital. They also found early support from Binance and TRON. The recent private sale round was estimated to be oversubscribed by around 30x.
CryptoLocally is building the easiest and most accessible fiat gateway to blockchain and DeFi. The platform has been designed with ease-of-use in mind so that anyone can gain access to these technologies.
DeFi Made Accessible, Finance Wallet
CryptoLocally’s Finance Wallet allows users to earn interest on their digital assets through a simple set-up process. There is no need to install or use any third party software. Users can earn interest in just two simple steps:
- Deposit/buy crypto into the Finance Wallet
- Toggle on the button to start earning interest
So far the feature allows users to earn interest on GIV, USDT, DAI, ETH, and USDC, but the team plans to add more cryptocurrencies to the feature soon.
Building a complete cross-chain DeFi ecosystem powered by CryptoLocally Vaults (CLVs) and GIV
Finance Wallet v1 uses Compound in order to generate interest for its users, but Finance Wallet v2 and v3 will come with significant upgrades while the simple UI remains the same. With v2, users will be able to earn risk-adjusted, optimal yield through yield farming smart contracts on Ethereum. CryptoLocally plans to integrate some of the most promising yield aggregators such as idle.finance, which utilizes lending protocols including Compound, Fulcrum, dy/dx, Aave, and Maker, in order to increase yield based on risk tolerance and strategy. They will also increase the total potential APY earned for each user by adding GIV staking rewards based on how much they stake into the CLVs. V3 will scale this model further with yield optimizing smart contracts deployed on Tron, Binance Chain, EOS.IO chains, and Solana, which will open up whole new yield opportunities for users, all in one place. By doing so, CryptoLocally will have a gateway to a complete ecosystem around DeFi for both retail and enterprise users, anchored by its native GIV token.
Bringing DeFi to everyone, everywhere
DeFi is expected to democratize financial services. Despite the popularity of DeFi at the moment, access to DeFi and digital assets in general remains fragmented, complicated, expensive and slow. For the unbanked, the millions of people living in emerging economies, and people who live in regions with restricted currencies, access to these financial services is often limited or nonexistent.
CryptoLocally is playing a crucial role in bridging the gap between DeFi and mass adoption due to the platform’s accessibility, superlative user experience and security. By eliminating the middleman, CryptoLocally enables people to bypass the onerous fees, interest rates, and various barriers traditional financial institutions impose. By developing a user-friendly DeFi feature, CryptoLocally provides everyone access to a decentralized financial system, with just a few clicks and minimal technical aptitude.
CryptoLocally co-founder Jae Chung, explained his motivation for creating the company and incorporating DeFi into the platform by stating that:
“1.7 billion people in the world are unbanked, but 2/3 of them own a mobile phone. CryptoLocally gives everyone access to financial services through crypto and DeFi, regardless of their environment.”
CryptoLocally’s advisors include:
- Jack Huang, prominent investor and Managing Partner of One Block Capital and
- Benjamin Rameau, a former director at Binance, who now leads Smile Research, a trading technology company focused on markets within the cryptocurrency derivative space.
Prior to the pre-sale, CryptoLocally had already partnered with Binance X (as a Binance Fellow) and TRON Foundation.
What is CryptoLocally?
CryptoLocally is already a leading peer-to-peer (P2P) crypto marketplace with a rapidly growing user base (15,000+ currently). It is a one-step gateway between all local fiat currencies and cryptocurrencies. Through its non-custodial smart contract escrows that facilitate secure trades on-chain, and its ability to support transactions from multiple blockchains (Ethereum, Binance Chain, Tron and EOS.IO), CryptoLocally is the leader of the non-custodial P2P crypto exchange market. The platform’s recent addition of DeFi capabilities has personified its presence as an innovator within the industry.
In the near future, token holders will assume control over the platform and will govern CryptoLocally with the GIV token through GIVernance. The team has also partnered with FTX Serum in order to integrate Solana and Serum, and is working with Animoca Brands in bringing a P2P NFT marketplace as well. For more information read the GIV whitepaper.
GIV Public Sale
The CryptoLocally team will make announcements shortly regarding the upcoming GIV public sale, so stay tuned for the latest updates.