LocalCoinSwap raises over $12 million for the first democratically-owned crypto exchange

Despite the longer-than-usual public sale phase, a flurry of activity in the purchase of LCS Cryptoshares kept the LocalCoinSwap team busy late into the night on Friday 15th June, with a last-minute surge of interest in acquiring dividend-yielding shares in the latest decentralized cryptocurrency exchange.

But now over 40 million LCS tokens are sold and distributed there’s no rest for the development team, who remain on track to launch the exchange to the public in August 2018.

“The ICO was a fantastic experience”, explains COO Daniel Worsley, “But it’s just one stage in the complex and demanding process of building and launching a fully-inclusive decentralized cryptocurrency exchange, to meet the needs of users in any part of the world, and with broadly varying levels of experience in trading. We’re not going to be dropping the pace at all, as we put the investment to immediate use building the tools are users are waiting for”.

Because as well as raising the funds we need to operate, the ICO was undeniable proof-of-demand, for a new user-owned exchange designed to accept any fiat currency as a point of entry into the market:

“Throughout the sale, whilst also working hard to immediately reinvest all the funds raised into critical development activities, we were also listening to our very active communities – and maintaining complete transparency as our development proceeded”, Worsley continues. “We’ve found their feedback and ideas invaluable, in shaping the tools we’re creating for traders to use. We’ve been able to learn a lot from existing platforms and the pain-points that investors have identified, and we’re committed to giving them access to a safe, powerful and clear interface, which can be used to trade a growing number of top-rated cryptocurrencies and tokens.

“We now have over 7000 users poised to start peer-to-peer trading, and that’s vitally important, because LocalCoinSwap is all about community. They’ll be interacting in social forums, building trust and knowledge, as well as contracting directly with one another (using our secure escrow trading tools) to buy and sell their cryptos.

“Many of those users are keen to get involved with beta testing, and we’ll be rolling out access to our platform in stages for our earliest investors, before the end of the month. We’ve been putting those funds to good use, expanding the development team, and working hard to assimilate new tokens and partnerships into our launch plans.  Please be patient if you’re waiting for a beta-invite – we will be on-boarding new users in careful stages, testing continually, and ensuring that security remains front-and-center at all times.

“If you can’t wait for the beta and you want to see what we’re building, check out our Youtube channel https://www.youtube.com/channel/UCfUR13Y6dzv84EPG9uY1BUA – we’re releasing sprint updates, AMAs and behind the scenes footage – including the burning of unsold ICO tokens as promised. Transparency remains absolutely fundamental to our ethos, and we’ll be continuing to share our progress over the coming weeks as we count down to launching the exchange.”

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