At CryptoLocally, one of our primary goals is to build strong partnerships with innovative companies in the industry. Recently we took a step towards realizing this goal by partnering with Serum, a project created by leading cryptocurrency derivatives exchange FTX. The investment entity of FTX, Alameda Research, has also invested in CryptoLocally. We are especially excited about this partnership because we have been enthusiastic supporters of Serum since the project’s inception, and firmly believe that Solana will be one of the main blockchains of the future.
By partnering with Serum, we are furthering our commitment to strengthening collaboration with leading projects in the industry to offer more possibilities to our users.
We plan to expand the partnership between CryptoLocally and Serum, soon to include the following integrations.
CryptoLocally and Serum partnership in the future
In the future as part of this partnership, CryptoLocally may:
- Integrate Solana and list SRM, Serum’s governance token, and SOL, Solana’s native token, for trading on CryptoLocally
- Support SPL token conversion
- Integrate Serum into CryptoLocally’s DeFi features and
- Run a Serum node
We are confident that the partnership between CryptoLocally and Serum will be beneficial to both of our companies. We look forward to working closely with the team at Serum well into the future in order to provide the best features from both exchanges to our users.
What is CryptoLocally?
CryptoLocally is a next-generation P2P cryptocurrency trading platform. Our platform uses a smart contracts escrow to provide advanced level security to our users. The use of smart contracts allows CryptoLocally to be non-custodial, meaning that throughout the trading process we never have access to your digital assets. This ultimately eliminates third-party involvement and creates a truly decentralized trading experience for users. The trading platform was recently integrated with a DeFi feature that enables users to earn interest on cryptocurrencies like ETH, DAI, USDC, USDT, and our native token, GIV. CryptoLocally is providing non-custodial smart contract escrows for peer-to-peer digital assets trading.
What is Serum?
Serum is an on-chain cryptocurrency ecosystem with trustless trading, a decentralized exchange built on the Solana blockchain. It is presented as an antidote to the existing problems with DeFi. Whereas many DeFi protocols use some degree of centralization, Serum doesn’t. It also offers cross-chain support, a solution to the onchain stablecoin dilemma, decentralized orderbooks, and extremely fast transaction speeds. According to Sam Bankman-Fried, CEO of FTX, Serum’s matching engine will be completely on-chain, so it won’t have the automated market making (AMM) problems that occur with many other decentralized exchanges. Orders on the testnet cost no more than $0.0001, making trading on the exchange both fast and inexpensive.
What is FTX?
FTX is a cryptocurrency exchange built by traders, for traders. The exchange offers a number of innovative products. The FTX exchange was the first in the industry to offer derivatives, options, volatility products, and leveraged tokens. The team’s goal is to provide a cryptocurrency exchange that offers enough capabilities for professional trading firms, but is also intuitive enough for first time users. FTX team members come from top Wall Street quant firms and tech companies including Jane Street, Optiver, Susquehanna, Google, and Facebook. As an established leader in the industry, FTX has already partnered with some of the biggest names in crypto, including Binance, Circle, Trust Token, and Bitfinex, and we are proud to be included on their list of partners.