PAXFUL-P2P trading between gold and bitcoin
Paxful Is The First Exchange To Launch P2P Trading Between Gold and Bitcoin
April 8, 2020
PAXFUL-P2P trading between gold and bitcoin
Paxful Is The First Exchange To Launch P2P Trading Between Gold and Bitcoin
April 8, 2020

Peer-to-peer (P2P) cryptocurrency marketplace Paxful announced the introduction of support for trade between Gold and Bitcoin (BTC) on the platform on April 7, 2020. With the announcement, Paxful now facilitates physical trading in 16 different countries.

Paxful CEO and Founder Ray Youssef, said the decision to support gold to “surprisingly high” customer demand. When a trade is entered, the Bitcoin will remain in Paxful’s escrow until the physical delivery of the gold is confirmed. Transactions must be completed within 21 days of trade being opened on the platform. 

Paxful will not physically track or touch the gold traded on the platform, with Youssef stating that the exchange will take “a light-touch-approach” where possible.

Youssef states that Paxful expects gold trading will expand the exchange’s presence in Africa:

ALSO READ :  Finco Services to Sue Trademark Infringement over Libra Logo Design

“where high gold concentrations will grant them access to Bitcoins they may have not have been able to purchase otherwise.”

To comply with Anti-Money Laundering obligations, Paxful requires full identity and address verification when a user exceeds a total gold transaction of $50 over the history of their account. 

Users who wish to sell gold on the platform may face “ongoing enhanced due diligence” checks. Youssef adds that Paxful’s legal and compliance teams have “thoroughly reviewed” the regulatory implications of supporting gold trading.

Recently, Paxful announced a partnership with blockchain forensics firm Chainalysis to monitor transactions on the platform to identify signs of illicit behavior.

Youssef states that Paxful has been planning to add support for trade between Bitcoin and other “goods and assets to the platform for a while.” As such, the Paxful CEO states that gold was the obvious next step for them, emphasizing that the commodity has been “used as a store of value for millennia.” while adding:

ALSO READ :  Boomers and Gen-X Increases Monthly Bitcoin Investments During Pandemic

“With the recent economic downturn, people still prefer gold as a safe investment with some already reporting shortages of supply.”

Visit Website: Paxful.com


Source: Paxful.com | Cointelegraph.com


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Jafrin Ahmed

Crypto newbie passionate about creating resourceful content on blockchain technology, cryptocurrencies and decentralized apps.
Share This

Share This

Share this post with your friends!