Encotrade Platform – Encocoin’s Peer-to-Peer Crypto to Fiat Trading Platform Offering Escrow Services
With several centralized cryptocurrency trading platforms being victims of external threats, the demand for peer-to-peer trading platforms is on a rise. Encotrade is one such P2P trading platform owned and operated by the Encocoin Development Foundation.
Overview of Encotrade Platform
The Encotrade platform supports the trading of the Foundation’s native cryptocurrency Encocoin over a peer-to-peer blockchain infrastructure. The Encotrade platform has also a web wallet functionality from where users can directly and instantly pay their Encocoin tokens.
Being a P2P platform, all tokens traded on Encotrade are relatively more secure from external attacks and thefts. The Encotrade is the Foundation’s first commercial platform for the Phase 1 use case of the Encocoin Project.
The platform currently supports global users from 150 countries allowing them to quickly exchange their local currency in Encocoin tokens and vice versa. On the Encotrade platform, users can easily post their trades mentioning the exchange rates and payment methods for Encocoin XNK.
The P2P platform allows buyers and sellers to directly reach out to each other, or trade the Encocoins directly with banking. The peer-to-peer trading functionality of the platform also helps in curbing any corporate overheads as in the case of centralized exchanges thereby making it easy and convenient for users to trade.
One of the most important features of the platform is its escrow services. This Escrow service of the Encotrade platform aims to protect the buyers of Encocoin during all the transactions.
But before we talk further about how the Encotrade platform is at the core of the Encocoin project, let’s know something in brief about the Encocoin Blockchain Project.
Encocoin Blockchain Project
Encocoin is a blockchain project initiative by the Encocoin Foundation which is willing to create a global trade financial instrument for import/export by eliminating the existing manual paper-based process.
Although global trade and commerce have surged significantly in the last few decades, the sad part is we still rely on paper-based bank guarantees and letters of credit. The evolution of blockchain is likely to transform this industry by digitalizing these processes, and Encocoin is at the heart of it.
The Encocoin Foundation aims to build a blockchain-based ecosystem comprising of several trade participants like warehouses, customs, shipping companies, manufacturers, suppliers, insurance companies, clearing agents, merchants, etc.
Encocoin says that its blockchain will provide real-time tracking of goods and services thereby bringing further transparency and legitimacy to this industry.
The Encotrade platform is a support system for the Encocoin project which will help to develop a sustainable Encocoin economy on a global level.
Besides allowing the swift trading of Encocoin with several global fiat currencies, the platform aims to establish Encocoin (XNK) as a strong blockchain-based trading asset and a store of value.
The P2P trading platform plans to make Encocoin available to the wider global financial economy and making it available to regions outside the traditional banking industry. The Encotrade platform meets all requirements for the next-generation digital economy i.e. it is fast, secure, supports low-cost transactions, and is decentralized in nature.