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Global peer-to-peer (P2P) bitcoin marketplace Paxful introduces gold as among its clients' new payment options when buying bitcoin (BTC).
The addition of gold in its P2P trading comes at a pivotal time for the crypto community and traders. It gives users access to the world’s most valuable asset while providing them a platform to engage in a quick and simple transaction. It bridges the gap between traditional and digital finance.
Paxful offers financial inclusion through bitcoin. It grants over 300 types of payment methods for purchasing bitcoin. Among the options available are online wallets, bank transfer, mobile recharge, cash in-person and more. Gold is deemed a safe investment during a crisis because of its utility, transparency, 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.”
Buying and selling gold on Paxful work like any other payment methods that are already available in the platform. In compliance with the Anti-Money Laundering Program, Paxful requires full identity and address verification when a user reaches an overall gold transaction volume. Paxful also warned its clients that it may introduce additional security measures to those who will sell gold. The bitcoin will remain in the Paxful escrow during the trade and the delivery of gold must be completed within 21 days of the transaction.
Meanwhile, Paxful and Chainalysis announced its partnership last month. They are working together to raise the bar for P2P exchange compliance standards.
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