Peer-to-peer (P2P) crypto exchange Localbitcoins has actually reported that 2019 revenue increased 10% to $29.6 million from $27 million a year earlier.
For the year, running earnings fell 6% to $19.9 million from $21.2 million the year prior to. Localbitcoins did not supply information about net revenue.
The Finnish market stated about $2.8 billion in volume was traded from 15.6 million deals.
Localbitcoins included 1.46 million brand-new users in 2015, it specified. But more stringent know-your-customer (KYC) requirements executed in the last half of the year repelled some consumers, both brand-new and existing.
During the evaluation duration, the P2P exchange kept in mind that the variety of active users on the platform amounted to 913,000. Chief executive officer Sebastian Sonntag commented:
2019 was an indispensable knowing experience for us, as we executed anti-money laundering and know-your-customer guidelines…unwanted activity was repelled from the platform and the execution of KYC itself was a tough procedure.
Sonntag anticipates that brand-new users will continue signing up with the exchange in 2020. So far this year, brand-new everyday sign-ups have actually climbed up 50% to 6,000 presently. In January, the figure balanced 4,000.
Localbitcoins has this year quit market share to rival Paxful. According to information from Useful Tulips, Paxful ended up being the leading P2P exchange by trade volume last month, with about $25 million worth of bitcoin traded on the platform weekly.
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