Hello Steemians,
Swapsteem is a peer to peer exchange, similar to localbitcoins.com. With increasing number of users on this platform, we have felt a strong need for a peer to peer exchange to convert Steem and SBD directly to different fiat countries, provided with secure escrow transactions in moderation of varius influencial steem escrow agents for the respective country or currency. So we want to help Steemians get their hard earned Steem directly into their bank accounts, and save them a lot of Fees that exchanges take for such facilities.
Problem Domain
The problem @swapsteem addresses is lack of a peer to peer exchange platform for Steem. Right now, people are forced to convert their Steem or SBD to Bitcoins or other currency and then they can convert it to respective fiat of their country.
Again there are countries, like China, India etc where trading of Crypto Currencies is banned or limited by respective central banks and users from those countries again need to convert their earned rewards into BTC and then trade it on localbitcoins.com
Solution
We are developing a peer to peer Steem and SBD exchange which would be facilitated by escrow between the traders and an escrow agent will moderate the transaction. The Escrow feature in Steem has always been under-utilized. We will leverage this feature to manage any disputes between users. The traders can choose their escrow agent from a list of trusted agents, filtered by country. The escrow fee will be fixed and the agent will have the power to control their fees.
We are currently working on a minimum viable product to be launched within two weeks and will raise funds for it's development and marketing in return for a escrow agent role.
Thank you for reading this.
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Till then, Steem on!