Paxful, a peer-to-peer (P2P) Bitcoin marketplace, on Thursday revealed its year-on-year growth metrics and has handled $30 million worth trades at the peak of last month only.
Per the announcement, the platform is primarily focusing on emerging markets, including Ghana, Nigeria, Vietnam, and Indonesia.
Paxful has added around 33,000 new users in Ghana alone, while the year-on-year growth in trade volume increased by 132 percent in Hong Kong and 200 percent in Vietnam. However, the highest growth rate remained in Indonesia with 400 percent.
Commenting on the platform’s inception, Artur Schaback, chief operating officer of the company, said: “We started initially as a payment processor for brick & mortar merchants. The product was great and it worked with the few merchants we had but there was still the unsolved problem of an easy way of buying Bitcoin.”
4 Ways DeFi is Changing Finance: And the Platforms Making it HappenGo to article >>
Simplifying crypto trades
Paxful offers Bitcoin trading services against 70 fiat currencies and allows transactional methods, including gift cards, bank transfers, and online wallets.
The growth of the P2P platform remained exponential since its launch in 2015. Per the company’s reports, it recorded $5.9 million in Bitcoin traders in its inception year, which surged by over 25 percent the next year. By the end of 2019, the platform has recorded $1.6 billion in trades, up from the closing figures of $500 million in 2017.
In addition, the platform has added 1 million wallets to the platform in the past year, which put the total wallet registration to 3 million.
“Now, we’re changing the face of personal finance using the power of peer-to-peer transactions. I remember being homeless in New York helping a single mother buy her first bitcoin. It was a struggle for her to copy and paste a bitcoin address,” Ray Youssef, co-founder and CEO of Paxful, said.
Meanwhile, the platform also joined hands with Binance recently to allow Binance users to utilize its P2P network to buy Bitcoin with 167 various fiat currencies.