We're proud to announce go-live of the first automated Paypal-BitCoin marketplace based on p2p concepts - www.otcexchange.net

OtcExchange offers convinient low-fee escrow service and a marketplace to perform currency exchange operations between Paypal funds and BitCoin. http://otcexchange.net/Images/General_Scheme.png

The escrow service is using automated verification procedures thus providing payment/funds delivery guarantee for both trading parties. OtcExchange marketplace does not require its members to maintain any kind of internal balance and employ deposit/withdrawal procedures. Funds only being kept by marketplace till order fulfillment. Should order originator wish to close non-fulfilled order, correspondent BitCoin amount is being sent back to its respective owner.

The service is now working in invite-only mode which means you could only become a member by using an invitation sent by one of our existing trusted users. This is a precaution measure in order to safe marketplace community from chargeback scammers. If you reasonable believe you could prove your trustworthiness as a currency trader in order to become a marketplace member, please contact us directly on support@otcexchange.net.

We will be glad to welcome honest traders to the marketplace.

UPD Sep 21th 2011:

We've updated the engine so there are now trading limits assigned automatically for newly invited users. While having 'Invited' trust level, you are allowed to place a Sell Market order for no more than 50 USD. We're also working on the total maximum limit cap for SM orders within 45-day sliding window which corresponds to PayPal transaction appeal timeframe. The trust level has to be increased for these restriction to be removed.

Having that said, everybody wanting an invite please PM to Vitaly with email address an invite to be sent to and any additional details you feel worth to share. To get trust level increased, please mention your #otc wot, tradehill or bitcoinmarket.com username and rating.

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