Paxful Enables Tether (USDT) Trading Worldwide, Rolls Out Various Updates

Users around the world can now trade USDT on Paxful platform, add bank account details, and send Bitcoin through username

News provided by

Paxful

Sep 29, 2020, 09:00 ET

NEW YORK, Sept. 29, 2020 /PRNewswire/ -- Global peer-to-peer crypto marketplace, Paxful, announced today the global launch of Tether (USDT) peer-to-peer trading on its platform. Any verified user can now protect their funds from the volatile Bitcoin market and trade Tether, the world's largest stablecoin by market value, much like that of Bitcoin trading on the platform.

The pilot version, initially launched in Nigeria and a few selected regions, was a success:

"To honor one of our biggest markets, we decided to offer the feature to top users in Nigeria first. Confirming its efficiency and ease of use, we received practical feedback that we applied to polish the trading feature, and now we are ready to present it to the rest of the world," says Artur Schaback, the Chief Product Officer and co-founder of Paxful.

Same as with the Bitcoin (BTC) trading in the Paxful marketplace, users can now buy and sell USDT with over 300 payment methods including bank transfers, online wallets, and gift cards. The USDT can be acquired without having to buy BTC first, and the stablecoin can be withdrawn directly from the Paxful Wallet. Users are instantly provided with an option to hedge bitcoin by converting BTC to USDT and vice versa.

The recently added hedging function has been well-received as thousands of users protected their Bitcoin from volatility, converting nearly 1.5 million USD to Tether to date. Paxful also introduced various updates to the platform, improving user experience.

All users can now add their bank account details in user settings to make trading within bank transfers faster and more convenient. When creating an offer, users can choose the bank details to be shared automatically when the trade starts, thus eliminating sharing incorrect details and saving both trading parties time.

Another development is that users can now send each other Bitcoin using their Paxful usernames, previously only accessible via the wallet address.

"Part of making our platform truly 'powered by the people' is listening to what our users have to say. The addition is aimed at simplifying transactions, so our users around the world can send Bitcoin with ease. Be that family or friends, remittance just became easier," Schaback concludes.

About Paxful

Paxful is a people-powered marketplace for money transfers with anyone, anywhere, at any time. Their mission is to empower the forgotten four billion unbanked and underbanked around the world to have control of their money using peer-to-peer transactions. The company, founded in 2015, has over 5 million users globally who you can instantly buy and sell Bitcoin and Tether with—using over 300 different payment methods.

As part of their mission, Paxful launched #BuiltWithBitcoin, a social good initiative to build 100 schools funded entirely by bitcoin all across emerging markets. Paxful was co-founded in 2015 by Ray Youssef, CEO and Artur Schaback, CPO.

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SOURCE Paxful