It will compliment users that want to use Haveno but do not have any Monero for the security deposit as it will be a way for them to obtain Monero easily.

It will also be useful for those wanting to trade Monero for no fees.

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[–] prancing389@monero.town 2 points 4 months ago (1 children)

So if you're selling Monero for Fiat, when do you send the Monero to the purchaser's wallet? Sounds like what LocalMonero does, but Element may not be the best tool to set up the bonds required. With recent litigation, who wants to take custody of anything is an open transaction for any length of time? Look forward to hearing how that is solved programmatically.

[–] baldeagle@monero.town 1 points 4 months ago

Monero buyers send the fiat first. Once the fiat has been received the seller will send the Monero. Just like Local Monero. No bonds are required for the Matrix rooms, buyers choose sellers with good reputations and keep trade amounts small. The Monero remains in self-custody of the seller up until payment is received. It is then sent to the buyer's self-custodial Monero wallet..