Paxful Launches Bitcoin/Gold Trading to Meet 'Surprisingly High' Demand
Peer-to-peer (P2P) crypto marketplace Paxful now offers gold buying and selling options on its platform, supporting trade between gold and bitcoin (BTC).
Paxful said that there's a customer demand which they decided to satisfy, as they claim to be the first bitcoin-backed P2P marketplace to introduce the option for users to buy and sell gold in exchange for the world's number one crypto by market capitalization. Ray Youssef, CEO and co-founder of Paxful, said that they "assessed the demand for buying and selling bitcoin with gold, and it’s surprisingly high."
Paxful explains that users who have gold can buy BTC from a vendor that accepts gold, and vice versa. When a user reaches an overall gold transaction volume of USD 50 or more, the platform requires full identity and address verification, as per its Anti-Money Laundering Program. Bitcoin remains in the Paxful escrow during the trade, while the gold must be physically delivered within 21 days of the transaction, says the announcement.
The marketplace believes that:
- this is a step in bridging the gap between traditional and digital finance;
- the option comes at "a pivotal time" both for the crypto community, as well as traders in general, as it's "granting access to the world’s most valuable asset more readily while providing a place for peers to engage in quick and simple transactions in times of need."
According to the crypto-focused company, "gold is seen as a safe investment in times of crisis for its transparency, high utility and ability to be traded anywhere in the world."
"We believe by adding a gold payment option to the platform we can continue to drive our mission of financial inclusion in places such as Africa, where high gold concentrations will grant them access to bitcoins they may have not have been able to purchase otherwise,” Youssef was quoted as saying.