Paxful Becomes First Bitcoin Marketplace Paxful To Offer Gold Buying And Selling Options

Announcements, News | April 7, 2020 By:

Peer-to-peer (P2P) bitcoin marketplace Paxful is now offering its users physical gold buying and selling options.

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 gold buying and selling options to the Paxful platform will enable users to buy and sell gold in exchange for bitcoin.

“Gold buying and selling on Paxful works like any other payment method on the platform. Anyone who has gold can buy BTC from a vendor who accepts this payment method and vice versa,” Paxful said. “In compliance with its rigorous Anti-Money Laundering Program, Paxful requires full identity and address verification once a user has reached an overall gold transaction volume of USD $50 or more. Additionally, ongoing enhanced due diligence may be conducted on users who want to sell gold. Bitcoin will remain in the Paxful escrow during the trade, and the physical delivery of gold must be completed within 21 days of completion of the transaction.”

According to the company, the addition of gold buying and selling options comes at a pivotal time for the crypto community and traders at large, 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. The goal is to further bridge the gap between traditional and digital finance.

“We assessed the demand for buying and selling bitcoin with gold, and it’s surprisingly high,” said Ray Youssef, CEO, and co-founder of Paxful. “Vendors on the platform expressed a great interest in the addition of gold as a payment method. Gold has been used as a store of value for millenniums and its importance to the economy has rarely dwindled. 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.”