Paxful, a peer-to-peer bitcoin marketplace, announced on Monday, 11 November 2019, a major growth milestone – it now services 3 million wallets with more than 800,000 being added in the last 12 months, predominantly in the USA, Nigeria, and Ghana. They’ve 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 30M KES in trade volume according to CoinDance, and 40M INR in trade volume in India. The company attributes the overall growth in those markets to their continued efforts in building a community that focuses on education about peer-to-peer finance and entrepreneurship.
Peer-to-peer trading platforms have given users 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.
“It’s an exciting time in the cryptocurrency industry, and even more so for peer-to-peer trading,” says 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. We’re thrilled to be able to say this statistic has proved itself even more valid due to Paxful’s steady growth.”
The Paxful Bitcoin Wallet App is available on both iOS and Android devices.
Edited by Jenna Cook
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