Paxful sees India as a center for innovation and is excited to see the growth and contribution Indians will bring to the industry
Mumbai, 4th June 2020 – Paxful, a leading global peer-to-peer bitcoin marketplace that recently expanded operations in India, is already the largest in the country. Aiming to expand the financial inclusion and fiscal independence of a new generation of Indians by harnessing the power of cryptocurrencies, Paxful offers a simple, transparent, and secure platform for bitcoin trading. Through the platform, buyers gain access to the global economy by connecting to hundreds of vendors, and vice versa. Other features include instant transfers to other Paxful wallets, an option to trade with over 300 payment methods, and most national currencies.
In a survey released by the company about the future potential of cryptocurrency in India, 75.8% of respondents rely on digital currencies to easily and fairly transfer money, in an otherwise limited banking system, and 64.8% believe it is the path to financial freedom.
In just the last few months after cryptocurrency trading has been legalized, the company has grown from a single-digit market share to a leader in the industry. According to a report by UsefulTulips, a portal that tracks the information derived from trading data of the world’s most popular peer-to-peer bitcoin trading websites, Paxful is now the largest P2P bitcoin marketplace in India. In the first 21 weeks of 2020, Paxful has recorded at least $1 million in weekly volumes. Since the beginning of May 2020, the weekly traded bitcoin volumes have ballooned setting three consecutive all-time highs – with the week ending 17th May recording a total of $1.521 million (ATH).
Speaking about the achievement, Ray Youssef, CEO, and co-founder of Paxful said, “The Indian market holds great potential and importance for the future of the crypto-economy. People in India are betting big on bitcoin presenting an opportunity for greater financial returns. We are actively focusing our efforts on bringing cryptocurrency to the masses across the nation to aid in the eradication of poverty, boost economies, and create jobs, especially in the post-COVID-19 economy.”
In a world where peer-to-peer economics has driven financial inclusion and as cryptocurrency adoption grows across developing nations, sentiments of the Indian market fell in line with the global sentiment that cryptocurrency has the ability to provide financial access to anyone who can not participate in the traditional system (51% of respondents in agreement). Interestingly, according to the March survey, 93.8 % of respondents invested in crypto prior to the 2020 ban lift, with 90% of respondents holding Bitcoin and 44% holding Ethereum.