Paxful, a peer-to-peer bitcoin marketplace, recently hit a growth milestone. Paxful now services 3 million wallets with more than 800,000 being added in the last 12 months, predominantly in the USA, Nigeria, and Ghana.
It has also seen 15 million trades cross the platform during the past year, a 65% increase versus the previous time period.
Paxful has seen additional growth in Kenya, with the first week in October seeing Ksh30M in trade volume according to CoinDance, and Khs40M INR in trade volume in India. The company attributes the overall growth in those markets to continued efforts in building a community that focuses on education about peer-to-peer finance and entrepreneurship.
Young people in cryptocurrency
Peer-to-peer trading platforms have given people the ability to perform financial transactions online seamlessly with one another from anywhere in the world.
The technology behind the platforms that power the financial union of people worldwide has reduced the dependency on the traditional banking sector and allows for quicker and cheaper transactions between peers.
Paxful is focused on educating the community about the use cases of peer-to-peer finance and bitcoin, one of the most prominent being remittance. In the next few years, they hope to be the leading platform in the remittance market and aim to be known as a leader in peer-to-peer finance.
“It’s an exciting time in the cryptocurrency industry, and even more so for peer-to-peer trading, said Ray Youssef, CEO, and co-founder of Paxful.
“In fact, we just conducted a study which stated that more than half of Millennial and Generation Z respondents are interested in peer-to-peer trading as opposed to simply owning crypto or purchasing on exchanges. This further signals the importance of an interconnected, peer-to-peer economy.”
As Paxful continues to grow its user base, it has also continued to display a high level of commitment to customer’s security. To protect users from hacks it highly encourages the use of Two-Factor Authentication systems.
Paxful also prioritizes education, by providing on the ground campus tours at universities in order to help users avoid hacks and safely navigate through the marketplace.
Finally, their Know Your Customer (KYC) program consists of a system in which users are required to upload identity documents if their trades reach a certain volume.