Paxful has announced having scaled its services to 3 million wallets users, with more than 800,000 being onboarded in the last 12 months, predominantly in the USA, Nigeria, and Ghanam marking a 65% growth from the previous year.
A peer-to-peer bitcoin marketplace and leaders in the finance revolution, Paxful announced this milestone attributing the overall growth in those markets to its continued efforts in building a community that focuses on education about peer-to-peer finance and entrepreneurship.
“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. Adding; “We’re thrilled to be able to say this statistic has proved itself even more valid due to Paxful’s steady growth.”
Paxful 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 shows the importance of an interconnected, peer-to-peer economy.
The peer-to-peer trading platforms gives 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.
“At Paxful, we’re focused on educating the community about the use cases of peer-to-peer finance and bitcoin, even hoping to be the leading platform in the remittance market,” added Ray.
As Paxful continues to grow its user base, they have also continued to display a high level of commitment to their customer’s security. To protect their users from hacks they highly encourage the use of Two-Factor Authentication systems. They also prioritize 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.
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