KYC Removed From Trade Requirements for 1500 Coins On OpenBazaar
OpenBazaar has announced the latest additional update to its system, introducing several new upgrades and added features. Over 1500 digital currencies have been introduced to the system and free of charge. Additionally, KYC is completely removed from the equation through P2P trading.
Upgrade 2.2.2 was implemented on the 27th of July and introduced P2P trading to all users without having to go through the standard KnowYourCustomer procedure and provides more than one thousand different cryptocurrencies to trade with.
In an announcement by the company, OpenBazaar states that users on the platform will be able to trade their cryptocurrencies while raising the price or discounting it at a cheaper rate, depending on what they want to do as opposed to a fixed price of trade on the market. Additionally, a markup feature was added and raises the price of a coin to any purchasing party depending on their personal percentage choosing.
As OpenBazaar’s system is constantly updating the price of digital coins based on the market, discounts and markups will be available during a trading transaction with sellers offering these discounts based on their own preferences. Previously, before the new upgrade was implemented in their systems, OpenBazaar only offered around 60 coins on their trading platform. As of now, it offers a massive array of trading currencies totally in more than 1500 coins. The platform states that any coin can be added to a digital currency list by users after download the bazaar application.
OpenBazaar operates entirely on zero-fee and no registration requirements. It provides an open channel of communication and trade directly between both members involved. Additionally, an option for a moderator to be available during the trading process will include a third party spectating the trade should anything go wrong.
The new announcement has set of excitement and approval by the crypto-community given the widespread announcement by the platform. Zero-fee purchases and selling of coins is undoubtedly OpenBazaar’s biggest beneficial feature, although traders seem to favor the lack of a KnowYourCustomer and Anti-money laundering procedures included in a large majority of other cryptocurrency exchanges around the world.