Users in Kenya can use their mobile points to buy and sell cryptocurrency at their own rates
Paxful has announced that users can now redeem mobile loyalty points to buy and sell Bitcoin (BTC) and Tether (USDT) on its P2P platform. Redeemable mobile points are loyalty programs by various telecommunications companies to allow customers to accumulate points based on the usage of services on their networks.
Ray Youssef, Chief Executive Officer, and co-founder of Paxful said: “We have witnessed a drastic increase in bitcoin trading volumes and transactions across our platform. The surge mainly induced by the corona pandemic as people are working at home and looking for cashless transactions. We are aware of this impact and hence the need to give our users more options and freedom to convert mobile loyalty points to bitcoins.”
The announcement comes in the wake of telecommunication companies in Kenya increasing options for customers to use loyalty points for activities such as air tickets, shopping, fueling their cars and even paying education loans.
This development is just one more step as part of the company’s wider vision of facilitating financial inclusion to the unbanked and underbanked in Kenya. Established in 2015, Paxful enables users to buy and sell crypto with each other using more than 300 payment methods, including online wallets, bank transfers, and gift cards, to name a few.
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. Paxful also added Tether (USDT), the world’s largest stablecoin by market value, to its platform. The addition comes with a hedging and trading option, helping the users protect their funds from the volatile market.