According to CoinMarketCap, there are over 2,000 cryptocurrencies in circulation today, and users around the globe are eager to take part in the growing crypto economy. Most people are aware they can trade coins through the public exchanges, but did you know that a lot of trading happens peer-to-peer instead?
What Is Peer-to-Peer Trading?
Just like it sounds, peer-to-peer (P2P) trading is when one person wishes to trade their crypto and a second person agrees to trade that coin for another. A variety of P2P services provide ways for two parties to conduct this transaction. It can be completely hands-off, where programming alone matches buyers and sellers who conduct transactions on their own, or it can hold assets involved in an escrow account until the transaction is complete. Many crypto enthusiasts feel that P2P trading is more true to the nature of cryptocurrency itself.
Peer-to-peer trading provides a great alternative to a traditional, centralized exchange. Over the past year, we’ve seen the demise of hundreds of crypto coins due to the hasty decision to get on a public exchange too soon. In order to increase longevity and stability, Kala is focusing on use cases, infrastructure, and market adoption before taking that vital step. The Kala Advisory team is confident in their decision to wait to join an exchange until the time is right, when Kala is set up not only for short-term development, but for long-term success.
Introducing Kala Listings
While the Kala Team is focusing on creating a strong foundation for long-term value, they still see the need to provide a trade opportunity for our community. By the end of 2018, we will be releasing our very own private, peer-to-peer trading platform: Kala Listings. The Kala Listing platform provides Kala users with the opportunity to trade Kala while we make progress on the next milestones of expanding the Kala ecosystem and getting on a public exchange in mid-2019.
Kala Listings will live in the Kala Wallet, and will be open to all Kala Wallet users who complete a simple KYC verification. At the time of launch, Kala Listings will facilitate P2P trading of Kala and BTC only; future development may include other features.
Security, Simplicity, and Safety
We have built the Kala Listings with security, simplicity, and safety in mind.
Every transaction is conducted anonymously, and all assets are held in an escrow account so you can be confident that those you trade with will uphold their end of the bargain. This also protects against accidentally sending to the wrong wallet address and losing your Kala/BTC.
Full integration with the Kala Wallet makes it simple to create or purchase listings. Kala is withdrawn or deposited directly into your wallet during the transaction, with no additional steps required.
To protect you and your Kala, everyone who wants to use Kala Listings MUST complete a KYC verification through our third-party verification service. You can trust that anyone you trade with has been KYC verified. We offer this service free to our Kala community.
Kala Listings gives you full control of your Kala trading. When you create a listing, you determine the Kala amount and the price. The listing remains active and visible on our Listings page for 72 hours. If a trade for BTC isn’t initiated during that time, the listing will go inactive, and you can choose whether to renew your listing or request a refund (minus transaction and network fees).
Not only will this platform open an untapped market for current Kala holders, but will also create an opportunity for users who haven’t had the chance to mine or purchase Kala on their own. It further solidifies Kala’s foundation and adds an important layer of value as we work toward our next milestones (see New Milestones Sharpen Kala’s Focus for more details).