Paxful Reports Growth in Emerging Markets, Lead by Indonesia

Paxful, a Peer-to-Peer (P2P) Peer-to-Peer (P2P) Peer-to-peer (P2P) is defined as the distribution of computing, networking, or payment architecture that partitions tasks or workloads between peers. In this instance, peers are equally privileged, equipotent participants in the application. Peers make a portion of respective resources, such as processing power, finances, etc. directly available to other network participants, without the need for central authority.P2P payments include popular money transfer apps such as like Venmo, PayPal, and C Peer-to-peer (P2P) is defined as the distribution of computing, networking, or payment architecture that partitions tasks or workloads between peers. In this instance, peers are equally privileged, equipotent participants in the application. Peers make a portion of respective resources, such as processing power, finances, etc. directly available to other network participants, without the need for central authority.P2P payments include popular money transfer apps such as like Venmo, PayPal, and C Read this Term) Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term 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.”

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.