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LVL Launches Feeless Bitcoin Exchange

Bitcoin financial services provider LVL has launched a feeless bitcoin exchange for users in North America.
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Today, Bitcoin financial services provider LVL announced the launch of a feeless bitcoin exchange for users in North America.

“LVL wants to be the biggest disruption to the Bitcoin exchange space in years,” per a LVL release on the announcement. “Every Bitcoin exchange uses the same model — transaction fees. Like stocks and banking, we believe the future of Bitcoin is free. If we’re right, it will be the biggest disruption in the exchange space.”

Rather than charge trading fees to users, LVL just charges $3 for withdrawals and $9 per month for premium subscriptions. LVL is also partnering with MasterCard to release two debit cards in early 2021 and it will also generate revenue from merchants when consumers leverage the LVL debit card.

“LVL is neck and neck with Coinbase in the race to deliver the first debit card in North America that lets you spend cash from Bitcoin,” according to the release. “Unlike Coinbase, which charges a 2.49 percent liquidation fee and a 0.5 percent spread to spend cash from Bitcoin on a debit card, LVL charges no transaction fees for our debit card.”

Chris Slaughter, LVL’s founder, is also optimistic about the service’s offerings in comparison to another favorite within the Bitcoin investment space: decentralized exchanges (DEXs).

“Typically, DEXs have high transaction fees ($10 to $15) with the main advantages being liquidity farming and access to shitcoins,” Slaughter said. “Trades on LVL are free, the user experience is dramatically easier (link your bank account) and our trades are confidential on the platform.”

Also, unlike unregulated DEXs, LVL is a federally-registered financial institution, holding client cash in an FDIC-insured personal checking account and holding client cryptocurrency in multisignature wallets. Its co-signor is digital asset trust company BitGo.

All told, LVL is making a significant bid to lead the free future of Bitcoin, a vision that is central to all of its offerings.

“Basically, people need to be able to bank on Bitcoin, and that means no predatory fees across direct deposit, spending on a debit card and exchange fees,” Slaughter explained. “We believe that the future of everything, including assets, is free. Capital assets and consumables are already free (through services like Robinhood and Chime, respectively). It seems inevitable that Bitcoin exchanges will be free too. We’re just starting on the goal line.”

LVL is currently available to U.S. residents in 28 states and territories. Following the announcement of its feeless exchange services, it is focused on expanding to all states except for New York by December 2021. It also anticipates two major new features for next year.