Working as a P2P cryptocurrency exchange using smart contracts escrow for better security, CryptoLocally has entered into a strategic partnership with Serum, a powerful decentralized exchange created on the Solana blockchain. Serum is a product designed by the FTX cryptocurrency trading portal to revolutionize the DeFi space by catering to its loopholes. The FTX exchange investment arm, Alameda Research, has also invested in CryptoLocally exchange to fuel its core objectives of innovation.
As per the official blog, with its integration with Serum, CryptoLocally is expanding its commitment to collaborate with best-in-class entities in the domain. This will help the firm offer outstanding opportunities to the fast-developing crypto community and aspires to open a new service range. In the future, CryptoLocally and Serum will work on the following integrations, including:
- Integrate Solana blockchain on the network.
- Add support for the native governance token of Serum, SRM, along with Solana’s native token, SOL, for trading on CryptoLocally exchange.
- Channelize seamless conversion of SPL token for owners.
- Infuse Serum tools and services into CryptoLocally’s DeFi space.
- Run a Serum node for quick operations.
CryptoLocally works as a non-custodial platform that allows users to remain the ultimate managers of their crypto assets. The dependence on smart contracts offers true decentralization by avoiding a third-party entity’s involvement. The recently added DeFi cluster helps investors earn interest on their holdings of top-rated assets, like USDT, USDC, ETH, etc. The native token of the exchange, i.e., GIV that fuels the operations in the system.
The FTX exchange takes pride in being the first portal offering support for derivatives, leveraged tokens, options, and volatility products. Its partners include Binance, Bitfinex, Trust Token, etc. The platform laid the foundation of Serum exchange to facilitate the DeFi developers and users. Serum is known for offering cross-chain support, decentralized order books, and speedy transactions. The transaction fee on the exchange is not more than $0.0001, making it accessible for a larger sector.