coinspress.com
Ray Youssef, co-founder of Paxful, has unveiled his ambitious plans to launch a new peer-to-peer trading platform following the collapse of his previous company. However, this venture will not be based in the United States.
Youssef’s latest project, known as Civ Kit, aims to provide developers and entrepreneurs with a blueprint for creating their own global marketplace that is resistant to censorship and operates without requiring permission.
TBD, the crypto company founded by Jack Dorsey, has joined forces with Ray Youssef, to introduce the innovative decentralized P2P crypto trading platform.
Described as an “unstoppable marketplace,” Civ Kit will utilize the Lightning Network and Nostr, a decentralized social media protocol, enabling individuals from anywhere worldwide to engage in trading without any barriers or authorization.
The launch of Civ Kit follows the collapse of Paxful, the company co-founded by Youssef in 2015, along with Artur Shaback, who is currently suing Youssef. In light of potential legal uncertainties in the United States, Paxful decided to dissolve the company in November, ensuring the proper release of frozen funds back to the users.
Youssef clarified that the dissolution was carried out to avoid any creditors and that the company had dedicated significant resources to comply with regulations. However, Shaback filed a lawsuit against Youssef, driven solely by greed and the desire for substantial financial gain.
Responding to Shaback’s claims, Shaback acknowledged differences in business direction and governance between the two co-founders. He stated that Youssef had migrated Paxful’s intellectual property, userbase, wallet history, and passwords to a new venture called Noones.com.
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Civ Kit intends to adopt a “know-your-peer (KYP) oracles” approach instead of the traditional “Know-Your-Customer” (KYC) process. Youssef criticized the shortcomings of KYC and highlighted the importance of traders being aware of whom they are transacting with, particularly for significant transactions.
He proposed implementing “Swipe Your Peer” as a substitute for KYC, where reputation scores can be assigned to user accounts based on their trading activities.
Youssef distinguished Civ Kit from other forthcoming marketplaces by emphasizing that it is built and designed by someone with real-world experience who has encountered and resolved numerous challenges in the industry.