Paxful, a peer-to-peer (P2P) marketplace with over six million users, announced the launch of its e-commerce tool Paxful Pay on Thursday, according to a statement from the firm.
Paxful, a peer-to-peer (P2P) marketplace with more than six million users, announced the launch of its e-commerce tool Paxful Pay on Thursday, according to a statement from the firm.
“To date, Paxful Pay has only worked with a limited number of vendors (just over 100) in certain regions to test the product and improve its features,” Paxful CEO and co-founder Artur Schaback told The Block. Sckaback used the following statements:
“With the official launch of Paxful Pay, we are accelerating the onboarding process and hope to bring in more merchants worldwide.”
The tool allows customers to pay merchants with over 400 payment methods, which are then converted to Bitcoin and sent to the merchants digital wallet. While Bitcoin is the primary cryptocurrency used for Paxful Pay, the P2P platform also plans to add Tether and other stablecoins in the future, adding BTC to local currency conversions in the future.
“Our goal for Paxful Pay is to provide both merchants and users with better financial freedom and drive e-commerce and global adoption of cryptocurrencies,” says Schaback. Paxful has also made significant moves in other parts of the retail world by offering debit cards to customers in November 2020 and allowing users to trade gold with Bitcoin in April 2020.