New solution to boost cryptocurrency adoption

DUBAI: Paxful, the leading global peer-to-peer fintech, announced Paxful Pay, an e-commerce solution that allows businesses worldwide to receive bitcoin. The service is available today and allows customers to pay with almost 400 payment methods - exchanging into bitcoin that is sent to the merchant’s digital wallet. Businesses can register now to add Paxful Pay as a purchase option to their online checkout process.

Through Paxful Pay, businesses have the ability to manage their earnings and convert bitcoin into their local currency on the Paxful Marketplace using almost 400 payment methods. Merchants will also have control over the configuration of the solution on their Paxful Merchant Dashboard and can track every transaction. The company expects to expand to other digital currencies and also plans to introduce automatic conversion into stablecoins such as Tether (USDT). Further down the line, Paxful Pay will allow merchants to automatically convert bitcoin into their local currency within their bank account.

Ray Youssef, CEO and co-founder of Paxful, said: “In many regions across the globe, we see people use bitcoin as a financial tool for purchasing goods and services. Bitcoin has several different use cases that we’ve only begun to leverage and e-commerce is a great example. At Paxful, it’s imperative that we give users and businesses around the world the opportunity to take advantage of the power of bitcoin to gain financial freedom.”

Artur Schaback, COO and co-founder of Paxful, said: “We’re thrilled to bring Paxful Pay to our global community. There is a clear need to offer local options for bitcoin and this product is a culmination of our efforts to deliver on that demand.”