Recently, the peer-to-peer marketplace that allows BTC to trade in fiat currency has seen a significant increase in trading volume, as it had never exceeded $30 million in weekly volume until February 2020, while in June it set a new record above $44 million.
In addition, the company revealed that the platform has now reached 4.5 million recorded wallets, with a total trading volume of $4.6 billion, and has managed to reduce disputes to less than 1%. On average, they have increased users by 1 million each year, but by 2020 they are on track to close with 2 million new users by the end of the year.
With the addition of USDT its use could grow even further, as you can now exchange bitcoins not only in fiat currency, but also in this stablecoin.
Paxful bets on Tether
The crypto sector, in fact, for some time now has recorded a real The News Spy surge in demand for stable digital currencies, so that Tether itself has become the third crypto currency in the world for market capitalization, after only Bitcoin and Ethereum.
Its market capitalization in recent months has increased from about 3.5 billion dollars to 14 billion dollars, also because Tether is increasingly used for bitcoin trading with the BTC/USDT pair.
The addition of Tether on Paxful is provided as a hedging option, i.e. to allow users to instantly convert BTC to USDT, but also vice versa, to protect their funds during possible downward fluctuations of the bitcoin price.
However, users can also buy and sell USDT directly in fiat currency with over 300 payment methods. The USDT balance can be accessed through the user’s wallet page, where the current market price for both currencies is displayed.
The company also plans in the future to enable trading on its platform, precisely with the BTC/USDT pair, and probably also to add more cryptocurrencies in addition to the two present now.
CEO and co-founder of Paxful, Ray Youssef, said:
„We consider this a big step for us because this is the first cryptocurrency other than bitcoin that we have on the platform. We always listen to our users. We understand that they go to Paxful to generate wealth and turn to cryptocurrencies for stability when their national currency is affected by inflation. We hope that this will help them to have more control over their finances.