One of our greatest building blocks is the feedback we receive from users all over the world. It’s not only a way for us to keep in good communication with each other, but also a necessary step in creating a better and maturing place to buy and sell. That’s why we consider Paxful to be a community-based platform. Listening to you is exactly how we’ve grown to become the 2nd largest P2P Bitcoin marketplace and provided you with an amazing customer support team that’s available at all hours to tend to your needs. In other words, we’re all part of a beautiful cycle of you helping us to help you.
The landscape of the cryptocurrency industry is constantly changing and it’s only natural for those of us living within its communities to adapt along with it. As we are always trying to deliver the best possible platform for our users, the Paxful team has been quietly working on some new ideas by spreading our focus outward from the core product and overall experience. After months of development, we are happy to finally announce some long overdue improvements, with many more on the way.
We put your safety first and most of our time has gone into major security enhancements, which are now nearly finished. One particular feature that both vendors and users have been asking for is an updated ID verification program. With an exceedingly high demand for functionality to filter out trade partners, we’ve decided to link up with world-class identity and address verification company Jumio® to help minimize risk, fraud, and make sure you have the option to transact with other users that have submitted proper documentation. This new process is quick, simple, and only requires a few minutes to complete and also supports every country we are currently operating in.
All of our users can immediately choose to verify their IDs and vendors will have the option to require it of their trade partners. In about one month’s time, ID verification will also be mandatory for all users who wish to post an offer. Additionally, the following mandatory verification checks will be imposed:
- Users who reach an equivalent of $1,500 in trade volume or wallet activity must provide ID for verification.
- Users who reach $10,000 in trade volume or wallet activity must provide ID and address verification.
- Users who reach higher trade volumes or engage in certain wallet activity may undergo enhanced due diligence and may be asked for additional information.
- All buyers of bitcoin for bank transfer must provide ID and address verification.
All of this helps us ensure absolute security for our marketplace. In addition, it prevents coinlocking and will vastly improve prices and speeds for buyers. Those who choose not to participate can, of course, continue to use our services but there will be a trade and wallet limit in place for those who have not verified themselves. We also reserve the right to impose additional verification checks in accordance with our internal compliance policies.
Paxful believes a safe and open financial system is a human right and are tirelessly working every day to build it piece by piece. Part of making that possible is ensuring our technology is constantly at the top of its game. The upcoming Paxful Marketplace is a perfect example what you can expect with our exciting string of updates. There, you’ll find and endless number of goods you can purchase using your bitcoin, including anticipated digital currencies, gift cards, cars, real estate, and even gold. Yep, gold. You need to be comfortable, safe, and most of all, happy to be spending your money with us and we’ve made sure to make that a reality for you.
In addition to revamping the buying experience, we’ve made some major updates on the seller’s side as well. Cryptocurrency payment processors aren’t always the most reliable and our valiant remedy to that problem is the launch of a super convenient way for you to conduct business. Paxful Checkout is an amazingly easy way for merchants all over the world to receive payments as quickly as you can snap your fingers. Integrating it with your vendor page allows you to accept payments in bitcoin and also gives your clients over 300 ways to pay.
All of these bits and pieces will make using bitcoin simple and give everyone a true global financial passport. Our hope is to include everyone in every nation of every religion, ethnicity, and gender who is looking to conduct honest business. Change can sometimes be a hassle but the team here at Paxful sincerely believes that our partnership with Jumio® and the improved ID and address verification process will only have positive effects on the marketplace and provide a greater degree of trust for all users. It’ll make for a cleaner, safer space for everyone. We appreciate the feedback that has helped us reach this point and hope these improvements have created a better trading atmosphere for you.