In response to customer demand, Paxful becomes first bitcoin-backed peer-to-peer marketplace to offer gold buying and selling options
April 7, 2020 — Global peer-to-peer bitcoin marketplace, Paxful, introduced to its platform the option for users to buy and sell gold in exchange for bitcoin. The addition of gold buying and selling options to the Paxful platform comes at a pivotal time for the crypto community and traders at large, granting access to the world’s most valuable asset more readily, while providing a place for peers to engage in quick and simple transactions in times of need. This will further bridge the gap between traditional and digital finance.
Paxful is driven by its ability to provide financial inclusion through the medium of bitcoin. The platform currently grants more than 300 different types of payment methods for the purchase of bitcoin including online wallets, bank transfer, mobile recharge, cash in-person and dozens of other unique methods of payments. Gold is seen as a safe investment in times of crisis for its transparency, high utility and ability to be traded anywhere in the world.
“We assessed the demand for buying and selling bitcoin with gold, and it’s surprisingly high,” said Ray Youssef, CEO, and co-founder of Paxful. “Vendors on the platform expressed a great interest in the addition of gold as a payment method. Gold has been used as a store of value for millenniums and its importance to the economy has rarely dwindled. We believe by adding a gold payment option to the platform we can continue to drive our mission of financial inclusion in places such as Africa, where high gold concentrations will grant them access to bitcoins they may have not have been able to purchase otherwise.”
Gold buying and selling on Paxful works like any other payment method on the platform. Anyone who has gold can buy BTC from a vendor who accepts this payment method and vice versa. In compliance with its rigorous Anti-Money Laundering Program, Paxful requires full identity and address verification once a user has reached an overall gold transaction volume of USD $50 or more. Additionally, ongoing enhanced due diligence may be conducted on users who want to sell gold. Bitcoin will remain in the Paxful escrow during the trade, and the physical delivery of gold must be completed within 21 days of completion of the transaction.
To begin trading bitcoin for gold on Paxful users can visit: paxful.com