September 29, 2020, New York — Global peer-to-peer crypto marketplace, Paxful, announced today the global launch of Tether (USDT) peer-to-peer trading on its platform. Any verified user can now protect their funds from the volatile Bitcoin market and trade Tether, the world’s largest stablecoin by market value, much like that of Bitcoin trading on the platform.
The pilot version, initially launched in Nigeria and a few selected regions, was a success:
“To honor one of our biggest markets, we decided to offer the feature to top users in Nigeria first. Confirming its efficiency and ease of use, we received practical feedback that we applied to polish the trading feature, and now we are ready to present it to the rest of the world”, says Artur Schaback, the Chief Product Officer and co-founder of Paxful.
Same as with the Bitcoin (BTC) trading in the Paxful marketplace, users can now buy and sell USDT with over 300 payment methods including bank transfers, online wallets, and gift cards. The USDT can be acquired without having to buy BTC first, and the stablecoin can be withdrawn directly from the Paxful Wallet. Users are instantly provided with an option to hedge bitcoin by converting BTC to USDT and vice versa.
The recently added hedging function has been well-received as thousands of users protected their Bitcoin from volatility, converting nearly 1.5 million USD to Tether to date. Paxful also introduced various updates to the platform, improving user experience.
All users can now add their bank account details in user settings to make trading within bank transfers faster and more convenient. When creating an offer, users can choose the bank details to be shared automatically when the trade starts, thus eliminating sharing incorrect details and saving both trading parties time.
Another development is that users can now send each other Bitcoin using their Paxful usernames, previously only accessible via the wallet address.
“Part of making our platform truly “powered by the people” is listening to what our users have to say. The addition is aimed at simplifying transactions, so our users around the world can send Bitcoin with ease. Be that family or friends, remittance just became easier. We are all about making the Paxful experience as smooth as possible,” Schaback concludes.
The company recently announced that the platform Paxful has hit 4.5 million registered wallets, reached 4.6 billion USD in trading volume, and reduced dispute levels to under 1%. Since inception, they have added 1 million users per year and so far in 2020 and are on track to sign up an additional 2 million users by the end of the year.