Ray Youssef, CEO of the Paxful platform, said that the new service of trading bitcoin for gold comes in direct response to user requests, as the platform offers the option of exchange and transfer procedures.

The process of trading bitcoin for gold on the Paxful platform is as follows:

The parties first negotiate terms, including whether and where the gold will be transferred in person, then the bitcoin holder sends the agreed funds into Paxful’s escrow, where it is held until the gold holder confirms the bullion transfer and the counterparty confirms receipt, at which point, the platform transfers Paxful Bitcoin from buyer to seller, all of this must happen within 21 days of the start of the payment or the parties enter into arbitration in the dispute.

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Gold trading operations are also subject to Paxful’s KYC protocols for transfers of more than $50, with care and good handling of potential gold sellers, according to the website. for press release.

This was stated by Youssef:

Our users started doing this on a large scale, we weren’t aware of it because it was hard to track.

He added:

I always interact with clients and I always stick my ears in the street, and clients have told me – repeatedly – that they want to trade gold.

The one-of-a-kind feature among the officially regulated platforms is that Paxful is a dedicated resource for people and geographies that other crypto companies often overlook, meaning countries like Nigeria, Malaysia, Ghana and Venezuela for example.

Youssef said that these countries are important, but that many companies neglect them by focusing on Europe and the United States.

Youssef explained:

The West is not the whole world.

The vast majority of people outside the West in emerging markets are hungry, and they will not let anything stop them, neither coronavirus nor Ebola, and they don’t care, they will continue to do their business.

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He predicted that any hesitation and impact from the coronavirus pandemic on the person-to-person trade of goods would be irrelevant in the long run, especially in Africa.

Concurrently, Youssef stated that the number of new registrants on the platform jumped by 27% last March.

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