P2P Bitcoin trading platform Paxful allowed customers to make transactions to buy and sell Bitcoinfor physical gold. The company announced this on its blog.
Site CEO Ray Yousef sees growing interest in gold as a safe investment in light of the recession in the economy.
“In a sense, it’s symbolic to trade gold in tandem with its virtual embodiment, bitcoin”,— Yousef commented on the introduction of the new option.
At Paxful, their offer is unique -no other P2P market gives such an opportunity to use gold as a payment. The addition of yellow metal became a natural course of events against the background of an active request in the crypto community.
The new service is available to customers around the world. The physical delivery of gold, which can take "any material form," must be met within 21 days after the conclusion of the transaction. For this period, BTC will be frozen on the Paxful escrow account.
Users will need to meet certain criteria when completing the KYC procedure. The P2P platform does not set minimum and maximum limits for such transactions.
In the future, Paxful intends to add additional new “goods and services” as a payment method, but the platform’s CEO did not specify the details.
Recall that similar ideas on trading various goods for bitcoins, including gold, are planned to be implemented on the Hong Kong cryptocurrency exchange AAX.
The most famous exchange offering exchangeBitcoin for gold, is Vaultoro, which has been on the market since 2015 and was the first to offer a similar option. In addition, in May 2018, Vaultoro became the first trading platform in the world to add Lightning Network support for faster and cheaper deposits.
