Norwegian Startup Bitruption Plans to Launch a Localbitcoins Competitor

On Nov. 4, a Norwegian startup announced the launch of a new peer-to-peer marketplace called Bitruption. Similar to Localbitcoins, the Bitruption exchange plans to offer a format under which users around the world will be able to advertise, buy and sell digital currencies for local fiat.

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The Bitruption trading platform is a peer-to-peer exchange that was recently announced by Ole André Knutli, the company’s project manager. According to Knutli, the Oslo-based team soon plans to launch a trading platform that will allow traders to form their own micro-exchanges on a local level, much like Localbitcoins. However, in contrast to Localbitcoins, Bitruption will allow users to trade multiple cryptocurrencies. Initially, the platform will only support bitcoin cash (BCH) and bitcoin core (BTC), alongside bank transfers.

“We will build support for more digital currencies and add more payment options, but this is further down the line,” Knutli explained.

The company is trying to distinguish itself from traditional exchanges. “Bitruption preserves the freedom and flexibility of a peer-to-peer format. Our goal is to provide people with more choices to trade digital currencies in a safe and user-friendly environment,” the company said on its website. “We will provide the digital infrastructure and let the users establish markets to trade how they see fit.”

KYC/AML System

Bitruption added that there’s a new money laundering act in Norway that requires them to register with the authorities. The company is currently in the process of registering itself with the Norwegian Financial Supervisory Authority, as it believes that building long-term trust is a far better approach than allowing fraud on the marketplace. The team will therefore implement a KYC/AML system in order to eliminate illegal activities. Bitruption will initially launch for Norwegian users and then expand internationally after scaling the marketplace.

At the moment there are not many exchanges that operate in a peer-to-peer fashion, other than a few like Bitquick, Localbitcoins and Localbitcoincash. Knutli said that it is “vital that we build more bridges” and Bitruption is focused on doing just that.

The company will discuss the project at the Cryptofinance conference in Oslo on Nov. 17. It will also speak at the Coingeek conference in London on Nov. 28–30.

What do you think about the peer-to-peer trading platform Bitruption? Let us know in the comments section below.

Images via Pixabay, and Bitruption.

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