Decentralized Marketplace OpenBazaar Enables Crypto Trading

Announcements, News | May 18, 2018 By:

P2P e-commerce platform OpenBazaar has released the new version of its platform. The biggest new feature is the ability to buy and sell cryptocurrencies.

OpenBazaar is an open source project developing a protocol for e-commerce transactions in a fully decentralized marketplace. It uses cryptocurrencies as medium of exchange. Initially, only bitcoin was supported to send and receive payments. At the end of 2016, ShapeShift was integrated into the platform to allow sending payments in various other cryptocurrencies. Earlier this year, full support of Bitcoin Cash and Zcash was added. The platform supported buying and selling of physical goods, digital goods, and services.

With the release of Openbazaar version 2.20, the company added a fully decentralized, fee-free cryptocurrency trading feature. Vendors will now be able to use a special new listing type to sell cryptocurrencies on the platform. Initially, 44 cryptocurrencies are supported but the company plans to add more over time.

The company said the main benefits of using Openbazaar to trade crypto is that there are “no fees, no need to register with any service, and no threat of an exchange getting hacked,” so users “aren’t forced to reveal any identifying information.”

“We’ve released this new feature with the goal of listening to the community about how they believe cryptocurrency trading on OpenBazaar can be improved,” the company said. “We plan to rapidly iterate as we receive feedback from users.”

The OpenBazaar platform is entirely P2P and is not an exchange. The new feature doesn’t include an order book with the ability to choose a target price for buying or selling. It only allows people to trade cryptocurrencies directly with each other at market prices.