The famous bitcoin trading broker, Localbitcoins.com, has severely increased in popularity during recent times as people continue to become crazy and obsessed with crypto coins. Moreover, Localbitcoins.com, because of it’s high popularity, has now set many VCs to back off as more and more of them try to get in. There are too many investors and too many problems.
Localbitcoins.com, which is just a 6 year old company, had a revenue of over $1 billion last year. The company reported a massive increase in its revenues after every second person became interested in Bitcoins and related currencies. Localbitcoins.com allows its users to sell and buy bitcoin and other currencies with utmost ease.
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Moreover, the valuation of the company has also doubled since it was last valued in August at $1.6 billion. However, the company was thought to report a revenue of $600 million but people’s interest in currencies grew in the last year, sending its revenues over $1 billion.
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Bitcoin’s price has recently surged during recently times. It valued at $10,287 yesterday, a 50 percent decline in its value from just a month ago. Moreover, the rise in Localbitcoins.com’s revenue is also proof of the fact that people continue to be interested in crypto currencies and the currencies will definitely face an increase in the years to come. Localbitcoins.com makes easy money by charging not just the buyer but also the seller a fees of 0.25% or 1% on the total transaction cost that takes place on the website. There are multiple deals going on at the same time, which sends Localbitcoins.com revenue soaring.
Shareholders are also increasingly interested in Localbitcoins.com’s success and have now fueled concerns regarding whether the fact Localbitcoins.com will sell its shares in the coming run or not. The answer is, it won’t! Localbitcoins.com is a private company and has no plans of sharing its shares in the coming future.
Though Localbitcoins.com success is the fact that people will not step away from crypto currencies anytime soon, Localbitcoins.com is making sure that it sends venture capitalists away for the time being.