Paxful's P2P platform launches physical gold trading for BTC

P2P platform Paxful introduced the option of buying and selling physical gold for BTC “due to the economiccrisis and growing interest in the precious metal. ”

According to the founder and CEOPaxful of Ray Youssef, platform users have shown great interest in gold trading. This can be explained by the fact that amid the economic downturn, people see this traditional asset as a “safe haven”.

“Gold as a means of payment was valued atfor thousands of years, and it still plays an important role in the economy. We are confident that thanks to the new option on our platform, many regions will gain widespread access to financial services. For example, Paxful could expand its presence in African countries with large gold deposits. Africa will be able to access Bitcoin,” — Ray Youssef said.

As stated on the Paxful blog, to complylaws on money laundering (AML), users must go through the KYC procedure, confirming their identity and address, if the total amount of all transactions with gold exceeds $ 50. Youssef added that users who wish to trade gold may be required to undergo an extended comprehensive audit. In the case of the physical delivery of gold, which will be carried out within 21 days after the transaction, the bitcoins will be stored on the Paxful escrow account until the buyer receives the gold.

Let us recall that in January the OneGold trading platform announced a similar option that will allow clients to buy gold and other precious metals with cryptocurrencies.

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