As an experienced financial analyst, I’m closely monitoring the developments within the cryptocurrency market and have been following the news regarding LocalMonero/Agoradesk’s decision to close down. Although I understand that every business faces its unique set of challenges, this announcement raises some concerns for Monero investors like myself.
Starting May 7, 2024, LocalMonero/Agoradesk, a well-known marketplace for trading Monero (XMR), will begin winding down its operations. The platform, which has served the community for almost seven years, plans to shutter permanently by November 7, 2024. This decision comes as a result of a combination of internal and external factors, initiating a six-month closure process.
Starting from now, the site has stopped allowing new sign-ups and ad placements. All trading transactions will be suspended beginning May 14, 2024. The platform is scheduled for removal in November, so users are encouraged to complete all open trades and withdraw any remaining funds from their arbitration bond wallets prior to the shutdown to avoid losing assets.
In spite of the impending shutdown, the LocalMonero/Agoradesk team remains hopeful regarding Monero’s future prospects. They’ve pointed out several encouraging advancements within the Monero community, including the debut of decentralized exchanges (DEXs) like Haveno and Serai, as well as groundbreaking technologies such as the Full Blockchain Anonymity Set with Rings of 16 (FCMP).
Monero’s current price hovers around $128.45 after a day of trading. Remarkably, Monero managed to add 6% to its value over the past week. However, it experienced a setback of 2.6% in the previous month.
The team expressed gratitude to the community for their unwavering backing and pledged that their customer service team would remain reachable to assist users during the shutdown. Moreover, they recommended account deletion through a mobile web browser since this functionality isn’t supported on the mobile application.
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2024-05-08 12:04