Paxful introduces gold buying and selling to p2p trading
In a blog post released today, peer-to-peer (P2P) Bitcoin exchange, Paxful, introduced the option for users to exchange Gold for Bitcoin. KYC will be required for all gold transactions greater than $50, and Bitcoin will remain in escrow with Paxful until trades are completed.
Ray Youssef, CEO, and co-founder of Paxful, claimed the decision to add the option to exchange gold for Bitcoin was in response to high user demand. Currently, Paxful allows users to use more than 300 different types of payment methods for the purchase of bitcoin including online wallets, bank transfer, mobile recharge, cash in-person, and gift cards.
Why it matters:
- Paxful has emerged as one of the top p2p exchanges in the world. In February, Paxful reported $1.6 billion in global trading volume for 2019 and 3 million wallets.
- Paxful is a bright spot for a cryptocurrency industry often characterized by mass speculation. With its strong presence in emerging markets, the company is a great example of a valuable use case uniquely enabled by Bitcoin.
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