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- Oobit announced the release of a new AI-based comparison and peer-to-peer trading platform.
- Users got different filters to find the best price for Bitcoin or any other cryptocurrency.
Most savvy crypto users know that there is no one exact price for cryptocurrencies. Like any other asset, the price depends on the supply and demand, which dictates the value of the coin on any given exchange. However, until now, there hasn’t been any easy way of figuring out where you can get the most BTC for your buck. That’s set to change now though, as Oobit is launching a crypto comparison service that it dubs a “Skyscanner for cryptocurrency.” The new platform is being launched alongside a peer-to-peer cryptocurrency trading service akin to LocalBitcoins.
Hunting for the best price
Oobit Hunter is the name of the AI-based comparison and peer-to-peer trading platform. Users can search for buyers, sellers, or exchanges, filtering by factors such as location or the rating of the person transacting. The interface also displays the prices for the “best,” “fastest,” and “cheapest” ways to buy BTC.
The company is also launching a raft of other services alongside the Hunter features. Oobit Pass is designed so that users only have to do a KYC check once. When they have their Pass, they can use it to access multiple exchange platforms without having to go through another verification, significantly speeding up the onboarding service. All data is protected using military-grade encryption and getting verified is a fast process thanks to advanced optical character and facial recognition technologies.
OobitxMap offers merchants the opportunity to integrate cryptocurrencies to their operations, while Oobit Direct means users can purchase crypto with fiat using a credit or debit card. There’s also an Oobit Wallet where users can store their BTC. The wallet is developed by Oobit, but the company has partnered with Coinbase for secure custody services. Users will also soon be able to store other cryptocurrencies in their Oobit wallet.
Oobit is working on even more features, with a crypto-to-crypto exchange service and debit card for spending cryptocurrencies also in the pipeline.
Is now the time for P2P trading to surge again?
Oobit’s move into the P2P cryptocurrency trading space seems to be a timely one. The economic fallout from the global coronavirus pandemic is resulting in many governments simply printing money. When this happens, it devalues fiat currencies and leaves many people looking for alternative places to store their wealth. For that reason, P2P trading services have proven to be extremely popular in economically unstable countries, such as Venezuela and Argentina, according to data aggregated by Coindance, which tracks the volumes traded on LocalBitcoins.
Now, with the threat of inflation on the horizon, it’s likely to be the case that demand for P2P trading services increases once again. However, LocalBitcoins has been steadily losing users, having recently hit a record low in trading volume amid reports that users are having their accounts deactivated. Trading volumes of cryptocurrencies haven’t observed the same general downward trend, perhaps indicating that there’s a gap in the market for P2P trading services.
This is borne out by other providers of P2P trading services, which are growing and perhaps taking some of the market share left behind by LocalBitcoins. Bitcoin.com operates a local exchange service for Bitcoin Cash, which it claimed earlier this month had attracted 100,000 users since launching in July 2019.
Furthermore, Binance has recently added support for five Latin American currencies to its own P2P trading platform. According to reports, the Covid-19 crisis is leading to a surge in volume, indicating that there is plenty of life left in the P2P crypto trading market.
