Paxful Hits $5 Billion Volume
Peer-to-peer fintech Paxful passes six million users and expects 20% growth this year
NEW YORK, April 27, 2021 /PRNewswire/ — Paxful, the leading global peer-to-peer fintech, announced today that over $5 billion has been traded to date on its platform and that it now has over six million users.
Founded in 2015 and completely bootstrapped since then, Paxful is a peer-to-peer platform where you can buy and sell digital currencies as the means of exchange and make payments, transactions, and send money. With close to 400 different ways to buy and sell digital currencies from gift cards to bank transfers, Paxful connects you to almost any financial network in the world. The platform just added ETH to the cryptocurrencies available.
Ray Youssef, CEO and co-founder of Paxful, said: “Our mission at Paxful is to give everyone equal access to finance no matter who they are or where they are so they can control their own money and build the future they want with financial freedom. The financial system is failing 99% of the world’s population; it’s disconnected and out of date. This means there’s no way out of income inequality for a lot of people in the world. With cryptocurrencies, we see an alternative: a way to create a financial system based on equality. Hitting the $5 billion volume mark shows us that we are making a difference and we’re just getting started.”
So far this year, the company has seen over 15% growth on average monthly volume compared to 2020 and expects this to continue and increase as the year continues. As of April 2021, the top 5 countries by volume on Paxful are: Nigeria, China, the U.S., India and Kenya.
Ray Youssef continued: “We’re on track for a 20%+ increase in volume this year. We’re seeing growth in all our markets and especially among groups or in countries where there’s a real need for cryptocurrencies: where the traditional financial system is failing people, whether that’s because of extreme volatility, strict capital controls or high transaction costs. People are looking for freedom from these constraints and they find that in cryptocurrencies. So there’s a real increase in people using cryptocurrencies for their original purpose – as currencies and not just as a speculative asset.”
Paxful is headquartered in New York with offices in Estonia, the Philippines and Russia. The team has doubled in size over the last 12 months, growing to over 400 people.
Paxful is a peer-to-peer finance platform for people to make payments, transactions, and send money by buying and selling cryptocurrencies as a means of exchange. Founded in 2015 by Ray Youssef and Artur Schaback, Paxful’s mission is to help everyone have equal access to finance no matter who or where they are. Six million people use Paxful to buy and sell Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) with almost 400 different payment methods.
Ray Youssef, co-founder and CEO of Paxful, set up the Built with Bitcoin Foundation to help people have access to education and water. To date, the foundation has built four schools (two in Rwanda, one in Kenya, and one in Nigeria). The Built with Bitcoin Foundation is funded by Paxful and the cryptocurrency community.
Kristina Bannan, Associate Director, Public Relations, Paxful
Photo by Viktor Forgacs on Unsplash
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