Crypto Marketplace Paxful Adds Support For Stablecoin Tether

News | September 9, 2020 By:

Peer-to-peer (P2P) bitcoin marketplace Paxful has added support for Tether (USDT) on its platform.

Paxful is crypto trading platform that aims to bring financial inclusion to the underbanked and unbanked through P2P finance. Every customer gets a free digital wallet that lets them send, receive, and store bitcoin. They’re cutting out the middleman with their secure escrow service and provide help to their customers with a 24/7 customer support system.

The addition of Tether, the world’s largest stablecoin by market value, to the platform not only allows users a safe haven, but will provide many of the benefits encountered within the traditional finance world, which will be important to Paxful’s customers who use cryptocurrency to combat the inflation of their native currency.

“We consider this a big step for us since this is the first cryptocurrency other than bitcoin we have on the platform,” said Ray Youssef, CEO, and co-founder of Paxful. “We always listen to our users. We understand that they go to Paxful for wealth generation and turn to crypto for stability when their national currency is affected by inflation. We hope that this can aid them to be more in control of their finances.”

The addition also comes with a hedging option, allowing users to instantly convert BTC to USDT and vice versa, helping users protect their funds during bitcoin price fluctuations. Paxful also plans to enable USDT trading on the platform. Same as with the bitcoin (BTC) trading in the Paxful marketplace, users can buy and sell USDT with over 300 payment methods. The USDT balance is accessible via the wallet page, where the current market price for both coins is displayed. The launch of this feature marks Paxful’s first step towards potentially adding new cryptocurrencies in the future.

The news came after Paxful announced that its platform has hit 4.5 million registered wallets, reached $4.6 billion in trading volume, and reduced dispute levels to under 1%. Since inception, Paxful said that they have added 1 million users per year and so far in 2020 and are on track to sign up an additional 2 million users by the end of the year.