Kenya has been declared one of the highest top five consumers of the Paxful bitcoin globally, by a Paxful analysis that rated Nigeria, USA, Ghana, and India as the leading market for such transactions.
As the blockchain technology continues to grow globally, Paxful has not been an exception. The peer-to-peer platform recently hit the $4.6 billion in trade volume, reaching 4.5 million wallet registrations and successful marketplace trades.
Once reputed as a breeding ground for fraudulent activities, peer-to-peer marketplaces are now one of the most dependable platforms for buying and selling bitcoin as proves Paxful, which released its five-year historical data, outlining the progression of P2P marketplaces over time.
Paxful achieved a less than 1 per cent dispute proportion and gave people the ability to perform financial transactions online seamlessly with one another from anywhere in the world. This has reduced the dependency of many in the traditional banking sector and has allowed for quicker and cheaper transactions for users globally.
Since inception, Paxful has added 1 million users per year and so far in 2020 and is on track to sign up additional users by the end of the year. These growth numbers can be attributed to high inflation rates, weak national currencies, inadequate financial infrastructures, and growing economic uncertainty.
“We built Paxful to help the little guy and create wealth for those who need it most. Some people live with restrictions and limitations we cannot imagine. For true financial inclusion to happen, it requires a free market for money transfers,” said Ray Youssef, CEO, and co-founder of Paxful. “The company aligns with the original mission of bitcoin as I felt that we need to give humanity a people-powered marketplace.”
The H1 of 2020 saw the platform’s growth lie in line with the upward trends of increased users and volume growth that they have seen over the past five years in business – a 34 per cent increase in volume when comparing H1 of 2019 to H1 of 2020.
“We are a people-focused company. We use blockchain technology in the best possible way to benefit those who need it most. We learned so much in the past five years of staying connected to the streets. We will continue to build products to accelerate the process of financial inclusion. This growth is just the beginning for the world of peer-to-peer finance,” said Artur Schaback, COO and co-founder.
New achievements and milestones reached include its #BuiltWithBitcoin charitable initiative, which has resulted in the building of three schools in Africa that has helped 500 students and their families, a scholarship program, and a fund to help countries in Africa in the fight against COVID-19.
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