Paxful expands beyond bitcoin and adds tether to its platform12. September 2020
Paxful adds tether to its platform, providing an option for users who want to protect their funds from volatility. This was reported to Cointelegraph en Español, through a press release.
Paxful announced the addition of stablecoin tether (USDT) to its platform. It is worth remembering that the value of tether is equivalent to one dollar, and the firm believes that this will help users to combat volatility, protect their assets and expand their investment portfolio.
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„In the last 12 months, the tether has established itself as a leader among the stablecoins, with a market capitalization of more than 13 billion dollars, because users began to demand a more stable digital currency in the face of fear of an economic crisis affecting both traditional and digital markets,“ the statement said.
Ray Youssef, CEO and co-founder of Paxful, commented:
„We consider this to be a great step for us, as it is the first crypto-currency, in addition to bitcoin, that we have on the platform. We hope that this launch marks the first step towards the possible addition of new crypts in the future.
And then, he added:
„We are always listening to our users. We know that they use Paxful to generate wealth and resort to crypto-currencies for stability when their national currencies are affected by inflation. We hope this will help them to have more control of their finances.
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In this way, users, as with Bitcoin Compass on the Paxful market, will have access to their USDT balance wallet, where they can buy and sell with over 300 payment methods. In the future, the company also plans to enable USDT transactions on the platform.
The addition also includes a hedging option, which allows users to instantly convert BTC to USDT and vice versa, helping them to protect their funds during bitcoin price fluctuations.
Magdiela Rivas, Paxful’s manager for Latin America, said:
„This new incorporation to our platform is very positive for Argentines, as it gives them another option to access a refuge with a dollar value, in a context where official restrictions make it increasingly difficult to access that currency“.
Registered currencies and volume of transactions
The company recently announced that the Paxful platform has reached 4.5 million registered wallets, reached $4.6 billion in transaction volume and also reduced dispute levels to less than 1%.
Since its creation until 2020, it has added one million users each year and expects to register another 2 million users by the end of the year.
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Some details about Paxful
Paxful is a peer-to-peer marketplace for money transfer between people. They claim that their mission is to empower the 4 billion unbanked people around the world to take control of their money through P2P transactions. The company was founded in 2015.