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Paxful is expanding beyond Bitcoin, adding cables to its platform

September 9, 2020

Paxful is adding Tether to its platform, offering an option for users who want to protect their funds from volatility. This was reported to Cointelegraph in Spanish through a statement.

Paxful announced the addition of the Stablecoin Tether (USDT) to its platform. It should be remembered that Tether is worth one dollar, and the company they believe will help users fight volatility, protect their assets, and expand their investment portfolios.

“”Over the past 12 months, Tether has established itself as the stablecoin leader with a market cap of more than $ 13 billion.because users were demanding a more stable digital currency due to fear of an economic crisis that will affect both traditional and digital markets, ”the statement said.

Paxful is expanding beyond Bitcoin, adding cables to its platformPaxful is expanding beyond Bitcoin, adding cables to its platform

Ray Youssef, CEO and Co-Founder of Paxful, commented:

“We think this is a big step for us as it is the first cryptocurrency we have on the platform alongside Bitcoin. We hope that this launch represents the first step towards a possible integration of new cryptos in the future.”

And then he added:

“We always listen to our users. We know they use Paxful to build wealth and turn to cryptocurrencies for stability when their home currencies are hit by inflation. We hope this will help them take more control of their finances.” to have.”

In this way, As when trading Bitcoin (BTC) on the Paxful marketplace, users have access to their wallet with a USDT balance, where they can buy and sell using more than 300 payment methods. In the future, the company also plans to enable USDT transactions on the platform.

Likewise, The addition includes a hedging option that allows users to instantly convert BTC to USDT and vice versa to protect their money from Bitcoin price fluctuations.

Magdiela Rivas, Latin America Manager at Paxful said:

“This new addition to our platform is very positive for Argentines as it gives them yet another opportunity to access a safe haven of value denominated in dollars in a context where official restrictions make it increasingly difficult to access this currency.” .

Registered wallets and transaction volume

The company recently announced that the Paxful platform has hit 4.5 million registered wallets, reached $ 4.6 billion in transaction volume, and further reduced disputes to less than 1%.

It has added a million users every year since its inception through 2020, and it is expected to register an additional 2 million users by the end of the year.

Some details about Paxful

Paxful is a peer-to-peer marketplace for transferring money between people. They claim their mission is to empower the 4 billion people who do not have access to banking services around the world to take control of their money through P2P transactions. The company was founded in 2015.

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