Tuesday, May 28, 2024 – Paxful, the leading people-powered cryptocurrency marketplace which recently expanded Ethereum support to more than 150 countries and added instant cryptocurrency purchases to its marketplace through an Onramp.Money partner integration, is continuing to disrupt the peer-to-peer finance industry by dramatically reducing the transaction fee on every BTC, ETH, USDT and USDC transaction into any supported gift card from 5% to just 1%, for a huge reduction from the “industry standard” 5% taken by other platforms.

Since first announcing the fee change to their community on April 29th, 2024, Paxful has seen gift card volumes and trader interest surge as it continues to expand its supported gift card suite and traders rewards. With liquidity pouring in, Paxful is on a clear path to 5x historical gift card volumes.

The Unseen Global Gift Card Economy

Paxful has long been a proud home for the global gift card economy, facilitating millions of dollars in gift card trade volume every month. Gift cards are more than the universally accepted present for any occasion; they’re also used in ways most analysts would never imagine, especially across borders and in the Global South. Now, all 12 million Paxful users – and new registrants alike – will benefit from higher take-home rewards on every trade, greater gift card selection, and deeper liquidity, all while enjoying the added layers of security and support Paxful provides to peer-to-peer traders.

To paint a small picture of the global market Paxful facilitates, consider three trade corridors all benefiting from Paxful’s new rates. When Western gift card recipients use Paxful to liquidate an unwanted gift card present, Vietnamese traders will often purchase select gift cards to make luxury fashion, beauty, or in-game item purchases at discounted prices, all while African gift card arbitrageurs throughout the continent make a proper living.

Paxful’s game-changing fee cut means traders selling cryptocurrency for gift cards on Paxful will now keep more money on every transaction. As an example, when a user sells Bitcoin to buy an iTunes gift card, the fee will now be just 1% of the transaction value, meaning more BTC in the user’s wallet, or an opportunity to purchase more songs for their playlist at the same price.

Deepening Gift Card Selection & Liquidity

By bringing these fees back to reality, Paxful is responding directly to user feedback and solidifying its position as the leading gift card marketplace as it attracts new gift card liquidity and broadens its payment method support.

In order to proactively respond to the growing supply-side pressure these reduced fees have created, Paxful is also rewarding gift card sellers with a fixed-term trade incentive. Gift card sellers will also enjoy a percent (1%) of every gift card sale they supply from now until August 1st, 2024. This rebate will be credited directly to the gift card seller’s account after a short delay necessary for fraud prevention.

Finally, to adapt to shifting product trends, Paxful has committed to adding a new gift card every day in May 2024, further broadening the payment method support for this asset category to new and popular offerings from companies like Discord, TikTok, and many more.

The entire gift card program is a way for Paxful to thank its users for building not just the market and community, but also being active on its X and Discord, where feedback has directly led to exciting changes and rewarding offers just like this one.

With these changes and others to come, Paxful once more affirms it is the obvious home for this large and growing, but often ignored, gift card economy.

About Paxful: Paxful is a borderless payment network, letting anyone move money anywhere, powered by a global community of cryptocurrency traders. Popular with +12 million users around the world, especially in the Global South, Paxful offers traders in over 130 countries access foreign and digital currencies using more than 450 payment types. Founded in 2015, the company was named a TIME100 Most Influential Company for 2022.

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