Paxful is a peer-to-peer platform focused primarily on bitcoin. As a peer-to-peer platform, Paxful provides a a bulletin board of purchase and sale offers, rules for settlements, and surveillance of know-your-customer (KYC) rule compliance. Unlike many peer-to-peer platforms, Paxful requires traders to open an account. Chainalysis announced in March 2020 that it provides Paxful with KYC tools.
Paxful announced that it conducted $1.6 billion in transactions in 2019. Its largest markets, Nigeria, Ghana, South Africa, Kenya and other countries in Africa, grew by 57% in 2019.
Products and services
Paxful provides approximately 340 different ways to transfer fiat currencies, including PayPal and Amazon Gift Cards.
Paxful began offering services to support gold transactions priced in bitcoin in March 2020. The transaction can be negotiated on the Paxful platform, and once it is agreed Paxful holds the bitcoin in escrow until the gold purchaser confirms acceptance of the physical gold.
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