Stablecoin

Monero

LocalMonero/Agoradesk, a prominent platform for trading the cryptocurrency Monero (XMR), has <a href="https://localmonero.co/blog/announcements/winding-down" target="_blank" rel="noopener">announced </a>it will cease operations by November 7, 2024, after nearly seven years of service. The decision to close down is due to various internal and external reasons, initiating a six-month shutdown process starting May 7, 2024. 
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 Hey everyone, After almost 7 years of operation, we have made the difficult decision to close our platform. The winding-down process begins today, and finishes 6 months from now. Our support will be available for help throughout this period. Read more:<a href="https://t.co/66gqe5HFpc" target="_blank">https://t.co/66gqe5HFpc</a>— LocalMonero (@LocalMoneroCo) <a href="https://twitter.com/LocalMoneroCo/status/1787919500047720843?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 7, 2024</a>
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Effective immediately, the platform has disabled new registrations and advertisement postings. Trading activities will be halted from May 14, 2024, onward, leading up to the complete removal of the platform in November. Users are advised to finish all trades and withdraw any funds from their arbitration bond wallets before the closure to prevent asset loss. 
Despite the upcoming closure, the LocalMonero/Agoradesk team remains optimistic about Monero’s future. They highlighted several promising developments within the Monero community, such as the launch of Haveno and other Decentralized Exchanges (DEXs) like Serai, as well as innovations such as the Full Blockchain Anonymity Set with Rings of 16 (FCMP). The closure of these platforms has raised concerns about Monero’s reliability. Additionally, <a href="https://www.cryptotimes.io/2024/02/06/monero-and-multichain-delisting-on-binance-sparks-market-decline/">Binance’s recent removal</a> of Monero from its listings has led to a drop in the coin’s value. Currently, Monero (XMR) is priced at<a href="https://coinmarketcap.com/currencies/monero/" target="_blank" rel="noopener"> $128.45</a>. Despite this, Monero has gained 6% in the past week, although it has fallen by 2.6% over the last month. 
The team thanked the community for their continuous support and assured them that their support staff would be available to help users during the closure period. They also advised users who wish to delete their accounts to use a mobile browser, as this feature is not available in the mobile app. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also read: <a href="https://www.cryptotimes.io/2024/05/06/ripples-chief-technology-officer-teases-ripples-usd-stablecoin-launch/">Ripple’s Chief Technology Officer Teases Ripple’s USD Stablecoin Launch</a>. 
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LocalMonero/Agoradesk to Close After Seven Years

The Crypto Times

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