back Back

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

By Pavithra R

September 14, 2020

  • Paxful
  • Tether
  • USA
Share

Ray Youssef, CEO, and co-founder of Paxful

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%. 

Previous Article

September 14, 2020

TCS BaNCS for Payments to enable Emirates NBD launch new services

Read More
Next Article

September 14, 2020

FinTech Startup Flaist launches EVA to provide personalized customer service

Read More






IBSi Daily News Analysis

May 28, 2024

Paxful

Latin America becomes a hotbed for FinTech unicorns and tech innovation

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 27, 2024

Stripe launches new payments and financing tools in the UK

Read More

May 27, 2024

WeMoney secures $3m and teams with Mastercard for Open Banking

Read More

May 24, 2024

Capital on Tap partners with Plaid in the UK

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023