Paxful Experiences a Two-Fold Growth in Volumes as It Strives to Become a Universal Money Translator
Paxful is a peer to peer Bitcoin marketplace that is on its way to make buying and selling bitcoin easier for the global cryptocurrency community. The platform, created by two friends, Artur and Ray, offers a safe and secure option for people to buy bitcoin with plenty of available payment options.
Bitcoin and other cryptocurrencies have already exhibited their potential to change the financial system for good, thanks to their efficiency and cost effectiveness when it comes to transactions. Also, in the recent days, the appreciation of bitcoin value has surpassed that of all the available financial assets in the market. However, its adoption rate still lags due to lack of easy access to the digital currency in many cases.
Currently, users are forced by buy bitcoin on exchange platforms that require the user to purchase the cryptocurrency by either making a wire transfer or paying with credit or debit cards. This system puts the unbanked and even those with bank accounts at a disadvantage either due to the poor credit rating or the non-cooperative nature of many banking institutions when it comes to dealing with bitcoin or other altcoins.
Paxful solves this problem by offering a range of alternative payment methods alongside the traditional ones. The payment methods provided by the platform include gift cards from a variety of online and offline stores, including the likes of Amazon and Apple iTunes gift cards. Paxful is on a mission to facilitate over 2.5 billion unbanked people to gain access to the new-age financial instrument.
The cryptocurrency platform that started in 2015 in Delaware now has over 80,000 users, out of which 50,000 use it every day. As the number of people signing up on the platform continues to grow, Paxful’s weekly transaction volumes have seen a two-fold rise since the beginning of 2017, reaching close to over $7 million on a regular basis.
Paxful continues to work on solving the problems for the unbanked; the company is constantly introducing new features and upgrades to the site. In the end, Paxful intends to become a universal money translator for everyone.
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