NEAR P2P — The Web3 marketplace for crypto to fiat swaps

Source: NEAR P2P Website

A peer-to-peer (or P2P) service facilitates the trade between a crypto and fiat currency. This is much needed in places where financial services are scarce. As such a decentralized P2P market that provides an easy-to-use and secure platform that can help fast adoption in countries with such financial barriers. NEAR P2P replicates the Binance P2P exchange function, but in a decentralized manner.

NEAR P2P will have first mover’s advantage by being the first P2P platform in the NEAR Protocol ecosystem. NEAR Protocol allows processing of micropayments and has proven to be efficient, transparent, secure, and reliable with the use of smart contracts.

According to the NEAR P2P team, there are an estimated 1.7 billion people worldwide who remain unbanked. This is especially prevalent in countries in Latin America and Africa. As such, a platform that allows people to easily convert crypto to FIAT or vice versa will greatly benefit those who have limited reach to financial services. Similarly, for businesses in countries that have financial restrictions, a service like NEAR P2P can help them to get easy access to the financial system.

For crypto holders on the NEAR blockchain who may need funds urgently or are trying to exit the market, a P2P service will be beneficial for them as they will be able to quickly make a trade in a safe and secure manner using smart contracts, instead of relying on a CEX which may have other associated costs or implications.

Source: NEAR P2P Website

NEAR P2P aims to be community-first and their vision is to offer the best on-ramp and off-ramp service for crypto enthusiasts and small and medium businesses worldwide. All P2P trades on the platforms are safe because the crypto tokens are frozen by a smart contract until the trade is completed. At no point during the trade will NEAR P2P be in control of your funds. Should there be a dispute, you can trust that there is a NEAR P2P DAO that will check on the documents and decide on the swap result, thereby releasing the tokens to the rightful owner.

The MVP is already on the mainnet and the team is currently working on improving the product, ramping up operations, and marketing to grow the user base.

Find out more about NEAR P2P:

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