US users can exchange $15bn worth of gift cards for BTC via Paxful

Paxful, a global fintech platform and a pioneer in peer-to-peer finance, has announced the launch of a marketplace that will let US consumers exchange gift cards for Bitcoin.

Paxful’s director of product, John Balrup, confirmed the company would be giving $15 billion worth of unused gift cards a purpose.

According to Bankrate, 51% of US adults have unused gift cards lying around, which adds up to $15bn nationwide – five times more than last year.

However, rather than leaving money on the table, anyone can use the new Paxful Gift Card Hub, a peer-to-peer marketplace, to trade in unused gift cards for Bitcoin.

By simply visiting the Paxful site, anyone can create an offer to buy or sell Bitcoin and use gift cards as a payment method.

From there, they can set the price to activate the offer, which is fulfilled by Paxful automatically.

Also, users are enabled to add up to 50 gift cards at a time.

To date, Paxful has a gift card trading volume of $817 million and a lifetime gift card trading volume of $4.8 billion.