In a blog post released today, peer-to-peer (P2P) Bitcoin exchange, Paxful, reported $1.6 billion in global trading volume in 2019. The company now hosts 3 million wallets, 45% of which are from Africa where trading volume grew 57% in 2019. The company plans to double down on its success in Africa where it has seen significant use as an international remittances mechanism using gift cards.
Why it matters:
Paxful has emerged as one of the top p2p exchanges in the world, the result of a steady increase of 25%+ trade volume growth year-on-year on the platform since the business’ inception in 2015.
Paxful is a bright spot for a cryptocurrency industry often characterized by mass speculation. The company is a great example of a valuable use case that’s uniquely enabled by Bitcoin.