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Twitter Co-Founder Jack Dorsey Partners with Paxful CEO to Launch P2P Cryptocurrency Marketplace

New Venture Aims to Democratize Access to Cryptocurrencies and Revolutionize the Way People Use Financial Services

Mon, 08 May 2023, 17:05 pm UTC

Jack Dorsey, the co-founder and former CEO of Twitter, has partnered with Ray Youssef, the CEO of Paxful, to create a new peer-to-peer (P2P) cryptocurrency marketplace.

Dorsey's new cryptocurrency company, Square, has teamed up with Youssef's Paxful to form a new venture that aims to democratize access to cryptocurrencies. The partnership was announced in a joint statement by the two companies.

The new marketplace will enable users to buy and sell cryptocurrencies directly with one another, without the need for a centralized exchange. This P2P model will allow for greater privacy and lower fees, as well as providing users with greater control over their assets.

Dorsey has long been a proponent of cryptocurrencies and is a well-known figure in the industry. He is also the CEO of another cryptocurrency company, Square, which has invested heavily in Bitcoin in recent years.

Youssef, meanwhile, has made a name for himself as an advocate for financial inclusion and has built Paxful into one of the largest P2P cryptocurrency marketplaces in the world.

The new venture will combine the expertise of both companies, with Square bringing its knowledge of cryptocurrencies and financial services, and Paxful providing its experience in creating P2P marketplaces.

In the joint statement, Dorsey and Youssef expressed their excitement for the new venture, saying that they believed it had the potential to revolutionize the way people access and use cryptocurrencies.

"We're thrilled to be partnering with Paxful on this new venture," said Dorsey. "We believe that cryptocurrencies have the power to transform the way people around the world access financial services, and we're committed to helping make that a reality."

Youssef added, "At Paxful, we've always been passionate about creating a more inclusive financial system, and we believe that this partnership with Square will help us achieve that goal. We're excited to work together to create a new, more accessible cryptocurrency marketplace that will benefit everyone."

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