Tandem, a cryptocurrency startup, has launched a mobile peer-to-peer trading application that challenges established desktop-based platforms by offering flexible privacy settings and multiple payment methods, including in-person cash transactions.
Mobile-First P2P Trading
Despite growing awareness of bitcoin since 2009, Tandem's team noted in a Medium blog post that it remains 'known, trusted, and accessible to less than 1% of the global population.' The platform aims to bridge this gap by combining the best principles of crypto and traditional finance. Its newly released app enables users to buy and sell cryptocurrencies peer-to-peer on the go, covering 50 countries at launch with plans to expand to over 100. Unlike incumbents like Localbitcoins, Paxful, and Hodlhodl—which are primarily desktop-based—Tandem focuses on a mobile experience, with a beta version already available on the Apple App Store and Google Play.
Zero Advertising Fees and Cash Trades
Tandem's P2P app allows users to publish ads to buy or sell cryptocurrencies with no advertising fee, enabling multiple orders. Trades are conducted directly between users, with Tandem acting solely as an escrow provider, not a custodian. A distinctive feature is the ability to complete trades either entirely online or meet in person to exchange digital coins for cash. This capability has become harder to find on established platforms; for instance, Helsinki-based Localbitcoins removed in-person cash trades in summer 2019, prompting users to seek alternatives like local.Bitcoin.com for cash trades. Tandem now offers a mobile alternative, catering to those who prefer physical cash transactions.
A survey conducted by the startup indicated that at least 60% of P2P traders wanted to switch to a mobile application, with nearly 70% trading digital assets daily. The app currently supports 28 fiat options for buying and selling Bitcoin Core (BTC), with plans to add more cryptocurrencies soon. CEO Prashanth Swaminathan remarked: 'Cryptocurrency is primarily known today as an investment vehicle for the rich. Over time, we at Tandem would like to change this narrative to benefit other sections of society within multiple nations.'
Tiered Privacy and Fee Structure
Tandem distinguishes itself by allowing users to set their desired level of privacy. KYC Level 1 requires only email verification and comes with a daily transaction limit of 1 BTC, a maker fee of 0.3%, and a taker fee of 0.6%. Those who prefer unlimited access and lower fees can switch to Level 2 after passing photo ID verification, enjoying a 0% maker fee and 0.2% taker fee. The mobile P2P exchange allows trades as low as $10.
This tiered approach balances regulatory compliance with user privacy preferences, attracting traders with different needs. The launch of Tandem signals that the mobile P2P crypto trading market still has room for innovation, especially with features like cash trades and flexible KYC levels. As the app expands to more countries and adds new cryptocurrencies, it could become a significant player in the peer-to-peer exchange landscape.