The app is now available to download on Android, with an iOS version still under development, according to a press release . The company did not provide a specific launch date for the iOS app.
Founded in 2021, LocalBitcoins has played a leading role in providing a platform for Bitcoin trading in emerging markets. It currently dominates the peer-to-peer trading space in Latin America and Russia, for example, with a wide lead over up-and-coming competitors such as Paxful and Binance P2P. For example, In Russia, traders swapped less than 5 BTC last week on Paxful, but LocalBitcoin users traded over 40 BTC in the same period of time.
Before today, LocalBitcoins traders had to access the platform from a web browser and a not-so-user-friendly interface. Third-party apps that attempted to use the LocalBitcoins market also failed for security reasons.
In contrast, Paxful and Binance P2P offer apps on Android and iOS with user-friendly interfaces and features that make the overall user experience more robust, such as a cryptocurrency wallet for Paxful or the spot, peer-to-peer, and futures trading functions on the Binance app.
“We are continuously listening to the needs of our customers worldwide, [and] many of our customers had been hoping for a mobile app as an option. And as a result, we developed one,” said Jukka Blomberg, LocalBitcoins’ chief marketing officer.
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The app appears to have the same functionality that the platform offers on its desktop version. It will support 190 countries, more than 100 payment methods, a Bitcoin wallet, biometric security, fee-free user-to-user transactions, and multi-language user support.
The peer-to-peer Bitcoin market continues to thrive, especially in areas where spot trading is restricted or prohibited. According to data from peer-to-peer market analysis website Anacoinda, 32,373 peer-to-peer trades were made on LocalBitcoins in the last 24 hours for a total of about $10.5 million.