P2P bitcoin marketplace Paxful adds Tether (USDT) to its platform

By Pavithra R

Paxful, global peer-to-peer bitcoin marketplace has announced the addition of Tether (USDT) to its platform. The inclusion of USDT is expected to assist users in combating a volatile market, protecting their assets, and expanding their portfolio.

USDT belongs to stablecoins, a type of cryptocurrency whose value reflects an existing fiat currency (e.g. US Dollars). The industry has seen a surging demand for a stable digital currency amidst fears of an economic recession in both traditional and digital markets. According to the stablecoin index, in the last 12 months, Tether has established itself as a champion amongst stablecoins. 

The addition comes with a hedging option, allowing users to convert BTC to USDT and vice versa instantly, helping the users protect their funds during bitcoin price fluctuations. Paxful is also planning to enable USDT trading on the platform. Similar to 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 the firm’s first step towards potentially adding new cryptocurrencies in the future. 

“We consider this a big step for us since this is the first cryptocurrency other than bitcoin we have on the platform. We always listen to our customers. We understand that some come 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,” said Ray Youssef, CEO, and co-founder of Paxful. 

Founded in 2015, Paxful is a people-powered marketplace for money transfers with anyone, anywhere, at any time. The company’s mission is to empower the forgotten 4bn unbanked and underbanked around the world to have control of their money using peer-to-peer transactions. According to company data, Paxful has hit 4.5 mn registered wallets, reached 4.6 bn USD in trading volume, and reduced dispute levels to under 1%.