Paxful celebrates its 5th year of operation
Paxful celebrates its 5th year of operation
Bitcoin

Paxful celebrates its 5th year of operation

By Marco Cavicchioli - 14 Jul 2020

Chevron down

Paxful is celebrating its 5th year of operation, since it opened in July 2015. 

The bitcoin P2P marketplace now counts: 

  • 4.5 million registered wallets, 
  • more than 44 million trades executed,  
  • about $4.6 billion in trading volume. 

In particular, in the second half of June, it reached its all-time high in terms of trading volumes, with almost $46 million traded in the week ending June 20th

In addition, the average amount per trade rose to $102, twice the average in 2015, which was $45.

During these five years the platform has grown and evolved, to the point that now, for example, the percentage of disputes has fallen below 1%, and is in fact usable from anywhere in the world. 

On average, 1 million users have registered for the platform each year, and in 2020 it could be as many as 2 million. 

According to Paxful, what attracts users from all over the world on their bitcoin P2P trading platform could be: 

  • the high inflation rates that some countries are experiencing, 
  • some particularly weak national currencies, 
  • inadequate financial infrastructures,
  • growing economic uncertainties. 

In fact, the states where the use of this platform has grown most recently are Argentina, China, India, Kenya, the Philippines and the United Arab Emirates

The main markets are Nigeria, the United States, Ghana, India and Kenya

Paxful, the 5th year marked by growth

However, the greatest growth is taking place this 2020. For example, the first half of 2020 saw a 34% increase in trading volume compared to the same period last year, with an average of over $182 million traded every month. 

In addition, 1.1 million new users were registered in the first half of 2020, an increase of 130% compared to the 488,000 new users registered in the first half of 2019. 

The company now has 265 employees in 4 offices in New York, Hong Kong, Tallinn (Estonia) and Manila (Philippines). 

Finally, it is worth mentioning the #BuiltWithBitcoin charity campaign, which led to the construction of three schools in Africa to help 500 students and their families with a scholarship program and a fund to help African countries in the fight against COVID-19

CEO and co-founder of Paxful, Ray Youssef, said: 

“We built Paxful to help the little guy and create wealth for those who need it most. There are people who live with restrictions and limitations we cannot imagine. For true financial inclusion to happen, it requires a free market for money transfers,” said Ray Youssef, CEO, and co-founder of Paxful. “The company aligns with the original mission of bitcoin as I felt that we need to give humanity a people-powered marketplace”.

The COO and co-founder, Artur Schaback, added: 

“We are a people-focused company and we use blockchain technology in the best possible way to benefit those who need it most. We learned so much in the past 5 years of staying connected to the streets and we will continue to build products to accelerate the process of financial inclusion. This growth is just the beginning for the world of peer-to-peer finance”.

 

Marco Cavicchioli
Marco Cavicchioli

Class 1975, Marco teaches web-technologies and is an online writer specializing in cryptocurrencies. He founded ilBitcoin.news, and his YouTube channel has more than 11 thousand subscribers.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.