Peer-to-peer fintech Paxful hits $5 billion volume, expects 20% growth this year
Paxful, the global peer-to-peer fintech, announced over $5 billion has been traded to date on its platform and that it now has over six million users.
Founded in 2015 and completely bootstrapped since then, Paxful is a peer-to-peer platform where you can buy and sell digital currencies as the means of exchange and make payments, transactions, and send money. With close to 400 different ways to buy and sell digital currencies from gift cards to bank transfers, Paxful connects you to almost any financial network in the world. The platform just added ETH to the cryptocurrencies available.
Ray Youssef, CEO and co-founder of Paxful said, "Our mission at Paxful is to give everyone equal access to finance no matter who they are or where they are so they can control their own money and build the future they want with financial freedom. The financial system is failing 99% of the world's population; it's disconnected and out of date. This means there's no way out of income inequality for a lot of people in the world. With cryptocurrencies, we see an alternative: a way to create a financial system based on equality. Hitting the $5 billion volume mark shows us that we are making a difference and we're just getting started."
So far this year, the company has seen over 15% growth on average monthly volume compared to 2020 and expects this to continue and increase as the year continues. As of April 2021, the top 5 countries by volume on Paxful are: Nigeria, China, the U.S., India and Kenya.
Ray Youssef continued, "We're on track for a 20%+ increase in volume this year. We're seeing growth in all our markets and especially among groups or in countries where there's a real need for cryptocurrencies: where the traditional financial system is failing people, whether that's because of extreme volatility, strict capital controls or high transaction costs. People are looking for freedom from these constraints and they find that in cryptocurrencies. So there's a real increase in people using cryptocurrencies for their original purpose - as currencies and not just as a speculative asset."
