It has been only a few months since the Supreme Court of India lifted India’s crypto ban. Within this short period, Paxful has emerged as the nation’s largest peer-to-peer (P2P) Bitcoin platform.
According to a recent press release, Paxful sees India as the seat of innovation and crypto adoption. The P2P platform also looks forward to the immense growth that the country’s crypto market will bring to the entire cryptocurrency industry. With this in mind, Paxful is on a mission to harness the power embedded in cryptocurrencies. At the same time, they also intend to ensure financial inclusion among Indians.
Paxful is described as a P2P marketplace that unites people looking to buy and sell cryptocurrency. The platform reportedly operates an easy-to-use, safe and transparent platform for Bitcoin trading. It provides interested customers with access to hundreds of vendors worldwide. Users on the P2P platform also enjoy real-time transfer of funds to other Paxful wallets. On top of that, they have over 300 different payment methods to choose from with the platform accepting most currencies.
A recent survey carried about by the P2P marketplace revealed that 75.8% of respondents currently depend on cryptocurrencies to transfer funds. Moreover, 64.8% of respondents see the crypto industry as the road to financial freedom.
India and the crypto space
India hasn’t always been receptive to the crypto space. However, a few months after trading digital currencies became legal in the country, Paxful has recorded exponential growth expanding from a “single-digit market share to a leader in the industry”.
According to a report, the P2P platform is now the largest in India. The P2P marketplace experienced at least $1 million in trading volume every week for the first 21 weeks in 2020. May 2020, however, saw a spike in trading volume. This is evident from the week ending on May 17 which witnessed an all-time high of over $1.5 million.
Speaking on this achievement, Ray Youssef, the Paxful co-founder and CEO, pointed out that the Indian crypto space had a lot of potentials. According to him, this was also crucial to the future of the global crypto economy. Besides, more people were beginning to understand the importance of Bitcoin and cryptocurrencies in general. In the words of Youssef, Paxful is “actively focusing our efforts on bringing cryptocurrency to the masses”. He added that the platform was also looking to eliminate poverty and give economies a much-needed boost “especially in the post-COVID-19 economy.”
It is pertinent to note here that the crypto industry is fast gaining traction across nations of the world. In this backdrop, Indians aren’t the only ones who see this space as the solution to financial freedom and inclusion. Cryptocurrencies are taking the reins in terms of financial freedom and inclusion especially in developing regions of the world.
A recent survey by Paxful had revealed that 93.8 % of respondents, prior to the crypto ban lift in India already own digital currencies. The numbers are quite significant and encouraging with 90% of the respondents holding Bitcoin and 44% holding Ethereum.
More on Paxful
Known as a P2P marketplace, Paxful has the mission of reaching out to the unbanked and underbanked populations of the world. Founded in 2015, the platform currently boasts of over 3 million customers worldwide. To actualize its mission, it has also launched a social initiative dubbed #BuiltWithBitcoin. The initiative aims to build 100 schools, solely funded by Bitcoin.
We recently carried out a comparative overview of Paxful and Coinbase, covering areas like ease of uses, fees, altcoins, payment methods, etc. We also brought to our readers an insightful guide from Paxful regarding the volatility of Bitcoin.
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