Cryptolocally Business Update 2021
An update to all our investors, traders, and community members on the progress of Cryptolocally in 2021 and plans going forward.
Cryptolocally is a leading non-custodial P2P marketplace offering support for over 15 different cryptocurrencies and regularly adding more.
We are the first fully decentralized P2P marketplace, thanks to GIVernance and we are the only P2P fiat to decentralized finance (DeFi) gateway in the market, thanks to our DeFi feature with the Earn Wallet.
We redefined the boundaries of a P2P marketplace and continue to innovate for our users. We are excited to continue pioneering in this space and below is how we plan to do so.
A look back at the year so far.
This year has been one to remember with many cryptocurrencies hitting new highs and dropping over 50% with a slow recovery over the summer. For Cryptolocally it has been a momentous year, thanks to the release of the new 2.0 trading platform, new partnership announcements, and new tokens that are tradable P2P in your local currency.
In this year alone, we have added support for multiple new chains and tokens such as WAX, TLOS, SOL, USDC, TLM, DOGE, SRM and BTT.
Furthermore this year we also acquired Finance Bridge Academy and relaunched their crypto trading course making it 100% free to everyone. The launch of the Cryptolocally Africa Crypto Trading Academy has been a great success with over 1500 new students enrolling — By offering this education for free we contribute to the mass adoption of cryptocurrency and also bring new users to the platform.
If you would like to propose the listing of tokens or if you have another proposal, GIVernance gives you a voice. You can find out how to use GIVernance here.
What is next for Cryptolocally?
Many of you would have seen our previous roadmap detailed in our whitepaper. The crypto landscape is regularly changing with new development and technology that makes what was a dream, a reality.
The roadmap is being adapted to make way for some exciting upgrades, which we know you will be excited to see. We believe that what is being implemented on the platform will make Cryptolocally better than ever, for both GIV stakeholders and users.
Here is a quick summary of what you have to look forward to in the upgrades: There is a more detailed overview of each bullet point below.
- Whitepaper 2.0
- Earn Wallet 2.0
- New Burn Mechanism
- User Lottery System
- NFT announcements
Whitepaper 2.0
We are in the process of updating the whitepaper. The updated whitepaper is based on the very same principles and vision. Now that the platform has evolved, we can offer more granularity, with regard to our future.
This version will provide greater detail, describe the possibilities of GIV, and share the vision that drives us forward in leading decentralisation and giving everyone around the world access to financial applications that they deserve.
Earn Wallet 2.0
The Earn Wallet was our first DeFi feature on the platform where you can earn daily interest by staking your crypto. You can stake GIV, UNI, ETH, USDT, USDC and DAI and earn up to 40% annually with no lock-in periods.
Even with such attractive yields, we believe that we can do better for you.
To coincide with the updated whitepaper, you can expect to see Earn Waller 2.0 with even better APYs for GIV. In fact, GIV will soon offer some of the highest yields available in the market!
We are building this platform for the long term and we want to reward our long term token holders for supporting our efforts.
New burn mechanism
A token burning mechanism is a feature that token holders and investors like to see. Token burning increases scarcity by gradually reducing the total supply of tokens available on the market, making them more valuable.
While there are a number of approaches we will take to implement this token burn, we wanted to share a sneak peek at an idea we are working on:
Adding all GIV expended on Cryptolocally to a pool of which 20% will be burnt while 80% will be redistributed as ‘lottery’ rewards. This schematic will add a consistent monthly burn to the GIV token that will gradually decrease the supply over the coming years. GIV can be spent on the platform to boost trade adverts, reduce fees, and more. We will also bring back the spinning wheel for new users and GIV holders on the platform.
To add to this, we will be committing to burning a monumental amount of GIV in the very near future. More on this to follow.
NFT platform
At Cryptolocally we have always supported the NFT ecosystem. We are the #1 P2P marketplace for some NFT related blockchains.
We are regularly partnering with NFT artists for giveaways on our Twitter. We even incubated GEM Studio, the creators of the popular NFT game ‘Legends of Mitra’.
Crytolocally’s roadmap has always guided to further integrating of the NFT universe; lookout for exciting announcements in the coming weeks!
The mobile app.
While the platform offers a mobile-friendly version that is very easy to use and available on all mobile devices; we still have the development of a mobile app on our radar!
Once we have implemented the goals we have set in the updated whitepaper, we will commit our resources to the development of the app.
The team at Cryptolocally would like to thank all of you, Investors of GIV, Traders and all our community members for supporting us. We have big plans for Cryptolocally and GIV. The Blockchain and crypto industry is still young and we are only just getting started…
GIV, Cryptolocally’s native token, has had a challenging few months after a BTC driven sell-off took the air out of GIVs wings.
We would like to reassure token holders that the team is still here building and improving the platform that you know and love.
As you know we recently released version 2.0 version, which was our biggest commitment and deliverable to date. The business continues to grow from strength to strength, with 1000s of new users each month.
This combined with our increasing integration of the GIV token on the platform, token burns, the upcoming increase in APYs and a ramped up marketing effort, we believe the GIV token is poised for success.
Keep an eye out for our updated whitepaper and some exciting announcements in the near future.
Thank you,
The Cryptolocally Team.
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