AMA Recap of Crypto Legacy x LocalTrade by Admin LocalTrade.
We give decentralized finance a new meaning by making it simple and convenient for everyone. Explore how LocalTrade embraces technology to deliver convenient tools and a full-fledged user-friendly DeFi ecosystem.
Alfred, [05.11.21 10:01]
@localtrade_admin are you there?
Hi there, sorry for the long wait!
We welcome everyone to join us at this prestigious AMA event with LocalTrade
How are you?
Feeling great, and what about you?
Well, what do you think if we start with the AMA
Let’s get going
Q1. Can you provide a brief introduction to the core team behind LocalTrade?
Of course, with pleasure. Our core team consists of professionals in crypto sphere, who are passionate about defi and focus on creating great products for the crypto sphere. Our CEO is Aaron Levi Yahalom, who was previously engaged in many crypto projects, including PureFi, where he was also a CEO. As of COO, Alexandra Buimistere takes that position, she is highly skilled in journalism and finance sphere, she was previously working with Forbes and became a founder of financial fund.
Q2. What potential does your native token have and what are its different use cases?
LocalTrade Token incorporates a unique token model and is utilized in various use-cases across the platform:
First, DAO Sharing Economy rewards for members who engage new affiliates. Users can deposit LTT into the liquidity pool and receive farming rewards. Also, LTT provides better APY rates in yield farming aggregator and gives exclusive access and bonus earnings on LocalTrade Launchpad. Not to mention, discounts on trading fees for LTT stakers and unique offerings on LocalTrade Visa Card.
Currently the token is priced at $0.2 but we expect it to grow up to $0.5 by the end of the token sale, in January.
Q3. Can you talk a bit about your prospects and how they will benefit from your products and services?
So, essentially we’re trying to make DeFi simple and easy for everyone — even the people who have never heard of crypto and blockchain. And we’re doing this by aggregating some of the most unique and powerful opportunities within one platform — our DeFi Lab. Each of our products is made interconnected with the DeFi Lab, and we incentivize users to invest in these products even during the token sale, therefore gaining initial user base.
As a result, we’re trying to transform into a full-fledged ecosystem of financial services that are made easy, convenient and accessible.
Ok, next question
Q4. What is that milestone at LocalTrade that you are most proud to achieve?
For the previous milestones, we’re really proud of two things: the DeFi Lab’s initial launch and a full revamp of the CEX internal engine that made the system more performative and efficient. Our next great milestones will be the release of next two products: NeoBroker smat fund, and DeFi Wallet.
Q5. What plans does LocalTrade have for this 2021–2022?
We plan to further develop our DeFi Lab in terms of products and technology, and create new products for the ecosystem. Most recent launches will be Defi Wallet and Neobroker smart fund, they’re coming out by the end of 2021. For the next steps, we’re currently working with VISA to issue our own cards — LocalTrade VISA cards. These cards are coming in Q2 2022.
Besides these releases, we aim to constantly improve our positions on the global arena, engaging other demographics and expanding our reach to more geographical markets.
Thanks for your answers , we just finished the segment of:
We move on to the segment of:
I read that the LocalTrade, purchase fees start from 0.2% per purchase. My question is, why this fee increases? What are the parameters that determine its increase? Does it depend on the cryptocurrency purchased? Why have you established a fee for this purpose?
Okay, so the fees at CEX are flat rate 0.2% for any exchange operation with any coin. They do not increase, they can be decreased, depending on how many LTT you stake.
Partners are very important for every project today, may I know which partners @LocaltradeC have now? and which partners in the future you will be heading to?
We’ve already partnered with some of the significant players in the crypto space: Hacken executes scrutiny for our smart-contracts and will soon issue an audit report; Crystal Blockchain and PureFi provide compliance for our decentralized ecosystem, and Ambisafe who take care of tokenized securities at NeoBroker smart fund.
We’re also working with VISA to bring LocalTrade credit debit cards in 2022.
Currently, many people see KYC verification as something important in any platform, so I ask them: does your platform include this type of verification in order to inspire confidence in your users?
Yes, we have a KYC verification option for users, it takes only 2 clicks to complete and 3 minutes to be verified. But KYC is fully optional, it is necessary if you want to withdraw over 1 BTC per week.
I could read on your page that you will soon release a #LocalTrade University section, where you will provide educational materials on blockchain, these resources will be available in several languages ?Will it also be targeted for people who have no knowledge about this Market?
LocalTrade University is already available for everyone, you can access it via this link: https://www.university.localtrade.cc
It is fully suitable for novice users who want to get some understanding of the crypto sphere. We’re now working to bring more languages to the University, they will be added in a matter of days.
Local Trade users will be able to withdraw cryptocurrencies instantly at any ATM in the world. So I would like to know which are the main regions where users will be able to make use of their cryptocurrency cards.And if they will be able to receive cryptocurrencies on their cards?
We’re currently working to deliver the cards for underserved communities among the world. Our initial plans include Africa as a starting point and we will move to European market after that.
As for card deposits, users will be able to receive crypto to their wallet and then instantly convert it to their local fiat currency and pay with card.
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take the time you want to answer
How can we become a part of your DAO Sharing Economy? Do we only need to invest in your token, or are there other requirements?
Como podemos volvernos parte de su DAO Sharing Economy? Solo necesitamos invertir en su token, o hay otros requisitos?
In order to become a DAO Sharing economy member, you’ll need to purchase and stake LTT tokens. Here’s more info on this topic: https://docs.localtrade.cc/token-sale-1/token-sale-rewards
This is what you tell me, sir.
Where can I buy your tokens now? What is your current contract? And how do I buy their tokens and what are the benefits?
Thank you sir
We’re currently on the Round B of our token sale, you can purchase the tokens from our website: lab.localtrade.cc/sale
You can find the list of our smart contracts right here: https://docs.localtrade.cc/additional-info#smart-contracts
Do you have any plan for burning tokens in the future to reduce the supply of the token and increase its investment attractiveness thanks ?
Yes, token burning is one of the mechanisms we employ to stimulate LTT price growth. After the token sale, all unsold tokens will be burnt, and we plan to execute token burning later on, on a regular basis.
Almost 80% investors now think only of profit but ignore long-term benefits. So you can give them some reasons why they should buy and hold tokens in the long run?
First, we employ the staking mechanism with a vesting period and monthly unlock of tokens, so that tokens will be unlocked continuously after the token sale. As for more long-term benefits, we incentivize the use of our DeFi Lab products with our LUSD stablecoin. When users purchase LTT, a part of funds is converted into LUSD and will be available for investment in DeFi Lab products. This way users can look at the project not only in terms of token’s price, but also as a great product marketplace.
How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates?
Of course, here’re our social media and community contacts:
Telegram Channel: https://t.me/localtradecc
Telegram Community: https://t.me/lt_community
Telegram Channel [RU]: https://t.me/localtradeccru
Medium Blog: https://blog.localtrade.cc/
Zendesk Help Center for CEX: https://localtradesupport.zendesk.com/hc/en-us
Ok, i guess that should be it
Thank you very much for sharing your successful project with our community, we will be waiting for the news and milestones of your project!
Thank you guys for having me here today! It was a pleasure!