Despite a bearish few months in the crypto markets, peer-to-peer Bitcoin marketplace Paxful is experiencing impressive growth.
With a marketplace full of speculators, it’s refreshing to see that the fundamental mechanics behind Bitcoin’s existence are working.
The Bitcoin blockchain’s hash rate is higher than it’s ever been, and countries like Nigeria and Ghana are learning about peer-to-peer finance and entrepreneurship.
Paxful has seen a 65% increase in trading in the last year
As well as reaching the 3 million milestone for Bitcoin wallets (800,000 of those have come over the last 12 months), Paxful has also seen a 65% increase in trading. That translates into some 15 million trades across the platform. Countries in which the company is seeing the most impressive results include Kenya, India, Ghana, Nigeria, and the USA.
When you consider that there are only around 42 million blockchain wallets in total, Paxful’s market share is all the more significant. It may not be as well known as LocalBitcoins, but Paxful also provides people with a simple way of purchasing Bitcoins through its preferred payment method – which includes cash delivered to your door.
The company also actively fosters entrepreneurship and financial inclusion. Paxful’s mission is to provide users with a simple and secure platform for trading Bitcoin. The company aims to allow the underbanked and unbanked to be financially included through peer-to-peer finance without the need for middlemen or financial institutions.
Peer-to-peer Bitcoin finance is on the rise
Despite an increasingly hard stance on cryptocurrency in India, this is a market in which Paxful is seeing additional growth. During the first week of October, Paxful saw $40 million in India and $30 million in trading volume in Kenya.
This is due, the company believes, to its ongoing efforts to build a community focused on educating about peer-to-peer finance. It’s also capturing a slice of the remittance market here – India holds the top position in remittances globally at a massive $80 billion.
Paxful removes many of the barriers to accessing finance. People now have the ability to transact with one another from anywhere in the world on a secure platform.
The platform does not require users to have a bank account in order to use it. However, it does require them to undergo KYC and upload their identity documents if their trades reach a certain volume.
CEO and co-founder of Paxful Ray Youssef commented:
“It’s an exciting time in the cryptocurrency industry, and even more so for peer-to-peer trading. 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.”