Bitcoin Exchange Paxful Sees 20% 2018 Growth, Driven by Africa

Regardless of bitcoin’s price volatility, 2018 saw an explosion of activity among African users. Revealed exclusively to CoinDesk, the peer-to-peer bitcoin exchange Paxful increased its transaction volume by 130 percent since January 2018 with an average of $21 million a week, compared to $8.5 million in 2017. The growth was driven in part by Paxful’s user base almost tripling in Ghana, with 41,243 accounts, and more than doubling in Nigeria to 321,476 accounts. According to Paxful CEO Ray Youssef, African bitcoin traders accounted for 41 percent of all of the…

Price Dip Aside, Paxful Anticipates Big Week of Gift Card-to-Bitcoin Trades

That special time of year is coming up — the time when individuals trade in their unwanted or unusable gift cards for bitcoin. And with the price of bitcoin dropping, peer-to-peer (P2P) bitcoin marketplace Paxful is making it possible to use these gift cards to “buy the dip.” Ray Youssef, Paxful’s CEO and co-founder, explained that, over the past few years, the busiest week for Paxful is the one right after Black Friday; in fact, as time has gone by, the rate of exchange between gift cards and bitcoin has…

Africa Dominates P2P Bitcoin Exchange Paxful With $64 Million Trades

Paxful Inc., a peer-to-peer bitcoin exchange, is seeing significant growth in Africa. The U.S.-based company said Africans now accounted for the largest number of people buying and selling cryptocurrency on its platform, with average monthly transactions totaling $64.5 million. Also Read: Brazilian Banks Ordered to Reopen Cryptocurrency Exchange’s Frozen Accounts Millennials Drive Cryptocurrency Adoption in Africa Over the past year, users from the African continent of 1.2 billion people soared by 225 percent, Ray Youssef, chief executive officer of Paxful, told South African media. Transactions on the exchange climbed 60 percent…

Paxful CEO Ray Youssef Shows How Bitcoin Can Be Used for Social Good

Can bitcoin be used for social good? If anyone thinks so, it’s Ray Youssef, the CEO of peer-to-peer bitcoin platform Paxful. A successful entrepreneur in the crypto and blockchain space, Youssef comes from humble beginnings and understands the importance of maintaining control over one’s finances. Marred by memories of homelessness and extreme monetary strain, Youssef’s journey to build Paxful was an arduous one. “When my mother got divorced and lost her home that she had put so much into, I went into higher gear,” he explained in an interview with…

Bitcoin Exchange Paxful Reveals Plan to Reach Venezuela’s Unbanked

Peer-to-peer bitcoin exchange Paxful is doubling down on developing markets. Revealed exclusively to CoinDesk, the startup plans to open an office in hyperinflation-ridden Venezuela in September and release an Android app, its first for mobile devices, in October. According to Paxful co-founder Ray Youssef, the reason for both moves is that exchange use is surging in developing nations, where mobile phones are abundant and cheap but access to crypto remains scarce. Youssef told CoinDesk: “Underbanked, unbanked or people in a desperate situation, such as with market inflation. Those are the…