Paxful to allow businesses to receive payments in Bitcoins - TCR

• Fulfills the local option for bitcoin
• The company had also launched a crypto debit card
• Paxful in the future will enable merchants to convert Bitcoin directly to local currency

Paxful has launched an e-commerce tool which will enable commerce establishments across the globe to receive Bitcoin payments. 

An announcement on Thursday by Paxful Pay exchanges said that clients can pay via 400 different modes into Bitcoin which is then sent into the merchant’s digital wallet. Paxful has plans to diversify into other crypto tokens and in due course of time will introduce automatic conversion into stablecoins like tether (USDT, +0.07%) as well. Paxful co-founder Ray Youssef said that a need for a local option for bitcoin was always there and the latest endeavor is the start of a process to fulfill that need. Paxful, which is based in New York, had earlier rolled out a crypto debit card that can be used by crypto owners to convert bitcoin into fiat currency. 

The global peer-to-peer platform launch of Paxful Pay e-commerce solution will give one more option for businesses worldwide to receive bitcoin. Business houses can now register to add Paxful Pay as a purchase option. Merchants will also have control over the exchange dashboard and can track all their transactions. In the future, Paxful will introduce services that will enable merchants to directly convert bitcoin into their local currency. The Paxful login will also enable users to have access to Paxful’s other products such as Paxful Marketplace and Paxful Wallet.

Helping clients accrue advantages of Bitcoin

Cryptocurrency is a phenomenon that will stay and these sentiments were echoed by Ray Youssef, CEO, and co-founder of Paxful. He added that Bitcoin is evolving into a financial tool for purchasing goods and services. Bitcoin has several use cases and tools such as Paxful Pay will enable commerce operators and businesses across the globe to get the advantage as well as financial freedom through Bitcoin.

Paxful Pay has 100 merchants using its services

More than 100 merchants are on Paxful Pay and as the company adds new services to its inventory, it expects more and more new clients to join the platform. Paxful is headquartered in New York. Established in 2015, the company has offices in Estonia, the Philippines, and Russia. The company has more than 400 people on its payroll.