Paxful Bitcoin/Gold Trading
Paxful, the peer-to-peer trading platform for Bitcoin, introduces the trading between so-called safe-haven assets- gold and Bitcoin. The new functionality will allow users to trade the gold with bitcoin as the demand was very high per the exchange CEO.
In a press release published on April 7, the company informs about the newly added product. The physical trading of gold will now be available to the users from 16 different countries including Africa.
Trading of ‘’world’s most valuable asset’’
As the Paxful platform facilitates P2P trading for Bitcoin guaranteed by security. With this new facility, the deal will be done in the timeframe of 21 days. The trading platform will add the BTC in escrow wallet for 21 days and then release until the confirmation of physical delivery of gold.
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The news comes at the time when the whole is facing a very critical condition amid Coronavirus outbreak. In these critical times, gold often lead the markets and act as a hedge fund against other traditional assets.
The announcement reads:
‘’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.’’
Paxful confidently explains that they are offering more than 300 payment ways for top leading asset from online wallets to mobile recharge. The list now further expands due to addition of gold as a payment for buying and selling Bitcoin.
High Demand in African Markets
The P2P trading marketplace received a very good response from the African markets in the past. As in 2019 only, the platform said that BTC traded volume surged by 60% and more than 3 million Africans opened their wallet accounts with the exchange.
The CEO and co-founder of Paxful, Ray Youssef, said:
‘’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.’’
Strict to Anti-Money Laundering policies, the company will ask you to give detailed personal information when transact volume reach $50 or more.