One of the world’s most famous peer-to-peer trading platforms, Paxful, has announced the launch of its online payment solution. The new venture, known as “Paxful Pay,” will allow numerous online businesses to accept BTC as payment.
What sets the new platform apart from others is its option to pay in 400 different options, Including Zelle Pay, PayPal, and Venmo. The funds will be first converted to BTC and then transferred to the business’s e-wallet.
However, when the transfer is complete, the receiver can exchange it through the Paxful marketplace. Per the statement, all this transactions will be carried out in the company’s marketplace. Interestingly, both buyer and seller will control their funds with no gas fees if they select Paxful as the merchant.
For now, Bitcoin seems to be its focus of attention, but reports suggest that the crypto firm is also working towards offering Tether and other stablecoins. Plus, it aims to add the world’s most popular digital token to local currency conversions.
Although Paxful just launched its platform, it revealed that it already has as many as 100 vendors, with plans to add more in the next few days. Ray Youssef, the firm’s CEO, said,
In many regions across the globe, we see people use bitcoin as a financial tool for purchasing goods and services. Bitcoin has several different use cases that we’ve only begun to leverage and e-commerce is a great example. At Paxful, it’s imperative that we give users and businesses around the world the opportunity to take advantage of the power of bitcoin to gain financial freedom.
This is not the first time that the platform has forayed into the crypto-related retail business. Previously, it allowed gold holders to trade for BTC and offered debit cards linked with e-wallets.