In brief
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
$118,817.00
0.37%$3,638.37
-1.29%$3.11
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-13.31%Reading
The first half of 2020 has been tough on just about everyone. But not Paxful.
The peer-to-peerpeer-to-peer Bitcoin exchange is poised to have its best year yet, seemingly finding opportunity in the midst of a global financial crisis, and solidifying its position as one of the most popular P2P trading platforms in the world.
Paxful today unveiled five years worth of historical data, boasting some impressive figures. The company has now registered a total of 4.5 million user walletswallets and $4.6 billion in BitcoinBitcoin trading volume to date, according to a release. In the first half of 2020 alone, the exchange did $1.1 billion in BTC volume—a 34% increase year over year.
And Paxful’s CEO, Ray Yousef, believes it is precisely because of the adverse financial conditions that so many face throughout the world that his company has sustained such growth.
"We built Paxful to help the little guy and create wealth for those who need it most. There are people who live with restrictions and limitations we cannot imagine,” he said in a statement. “For true financial inclusion to happen, it requires a free market for money transfers.”
Recently, Paxful beat out competing P2P Bitcoin exchange LocalBitcoins in cumulative weekly trading volume for the first time. And over the past few weeks, it’s remained neck and neck. Paxful’s expansion into emerging markets and underdeveloped countries has a lot to do with that.
Peer-to-peer Bitcoinexchange LocalBitcoins today posted its business results for 2019—and business is good, despite struggles dealing with money laundering on the platform and losing ground to rival Paxful. Posting a 10% increase in revenue from the year before, the Helsinki-based company announced an annual revenue of €26.2 million ($29.48 million). The company—one of the most popular cryptocurrency exchanges in the world—said that there were 1.46 million new customers on the platform in 201...
The firm has focused extensively on the African market in the past year. Nigeria, Ghana, and Kenya are among its top five markets, and traders in that region are already moving more Bitcoin than those in Latin America, where LocalBitcoins still reigns supreme.
Paxful, though, isn’t neglecting the Latin American market. Last year, the firm announced a partnership with cryptocrypto startup Coinlogiq to install 20 Bitcoin ATMs in Colombia and expect to launch another 25 in Peru soon.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
U.S. payments company PayPal said Wednesday it plans to launch a new platform this fall that will link domestic digital wallets to its global network of billions of users. Dubbed PayPal World, the system lets users of India’s UPI, China’s WeChat Pay, and Brazil’s Mercado Pago transact with PayPal or Venmo merchants abroad without opening new accounts or using cards. “Moving money across borders is incredibly complex, and this platform is designed to make it simple for nearly two billion users,”...
MEI Pharma, a publicly traded pharmaceutical company, closed a $100 million private placement on Wednesday to refashion itself into a litecoin treasury firm. MEI sold 29,239,767 shares of its common stock, raising roughly $100 million, Litecoin Foundation founder Charlie Lee told Decrypt. Under the agreement, the company sold its stock at $3.42 per share. Lee led the private placement alongside digital asset market maker GSR and will be joining MEI’s board of directors, according a statement fro...
A century-old Japanese textile company has become the latest financially battered firm to turn to Bitcoin as a treasury asset, announcing plans to purchase up to $5.4 million (800 million yen) in crypto to stabilize its bottom line after years of losses and muted cash flow. Kitabo Co., Ltd., a Tokyo Stock Exchange-listed textile manufacturer that produces synthetic fibers and industrial materials, announced in a statement on Tuesday that it will begin gradually acquiring Bitcoin using dollar-cos...