Ray Youssef, CEO of Paxful announced the launch of a new service that comes in direct response to user requests, offering a swap option and a transfer procedure for gold. Conception comes after it was discovered that some users were discreetly doing this by listing one payment method, like bank transfers, and then negotiating gold or silver payments outside of the platform. 

How it works

With these transactions, the two parties decide where they will meet physically to give the gold. The bitcon (BTC) holder sends the amount to Paxful, here it remains until the transaction is complete and both parties receive receipts. 

Thinking outside the box 

This is part of their go-to resource strategic positioning. The strategy focuses on less developed regions, that have different needs from the American and European market, needs that other crypto firms tend to ignore.

Youssef states, β€œThe vast majority of humans are outside of the west in emerging markets and they are hungry, they’re not going to let anything stop them – COVID-19, Ebola, they don’t give a damn, they’re going to continue to do business.”

Youssef has said that there has been a 27 percent jump in new registrations in March this year, in the middle of the Corona outbreak. 

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