It appears Ripple supporters may soon have a new peer-to-peer trading platform to exchange XRP. Considering how many different exchanges trade this token already, it’s astonishing they are all centralized solutions. Cointal will use a P2P approach first and foremost. The company wants to make it easier for consumers to purchase digital currencies. XRP will be one of those options, although other currencies have been added as well.
It is good to see more P2P exchanges come to market these days. Centralized platforms pose a growing problem these days. After all, every exchange controls user funds at all times, which is not beneficial to users. It’s convenient, but the downsides should not be underestimated. A P2P platform will solve a lot of these problems. So far, no other P2P exchange project has gained any major traction to speak of, though. It remains to be seen if Cointal can be any different.
Cointal Looks Like a Promising Cryptocurrency Exchange
From the look of things, the project is advancing nicely. The team introduced more cryptocurrencies to be supported. It’s good to know XRP will not be the only currency to be traded in a P2P fashion, although it remains to be seen which other currencies are on the list. The team also integrates free insurance for everyone who uses the website. People who suffer from a scam while using Cointal will immediately get a refund. An interesting concept, assuming people don’t try to abuse the system for their own profit.
There are other features coming to the Cointal platform as well. The social aspect plays an integral role for this company, that much is evident. Social features such as on-site chat will be made available from day one. Focusing on building social links first and foremost without engaging in P2P trading is a smart decision.Being able to socialize with like-minded people and trade in peer-to-peer fashion is an intriguing combination, to say the least.
Last but not least, it appears Cointal will provide an affiliate program. More specifically, users earn a percentage on each transaction made by their referrals. This is similar to what LocalBitcoins has to offer, which aims to provide P2P functionality as well. All things considered, Cointal seems like an intriguing concept. It remains to be seen how peer-to-peer everything is, though, as the platform still has a built-in wallet as well. This wallet is secured by BitGo, which is a positive note.
Header image courtesy of Shutterstock