Bitcoin Exchange Paxful Plans to Help Venezuela’s Unbanked Citizens

by | Jul 19, 2018 | Bitcoin, Cryptocurrency, Cryptocurrency News

Bitcoin exchange | Paxful | Venezuela | Bitcoin in Venzuela | bitcoin updates

According to reports, the exchange peer-to-peer startup Paxful plans to open an office in Venezuela in September and develop an Android app for the month of October, taking advantage of the hyperinflationary situation of the Caribbean country.

In an interview with Coindesk, the co-founder, Ray Youssef mentioned that Paxful adds the most value to regions with “underbanked, unbanked or people in a desperate situation” due to market inflation. Furthermore, he said they are targeting the nations where mobile phones are everywhere, but not much access to crypto yet.

He said,

“Underbanked people, unbanked or in desperate situations (as in hyperinflation). That is the market in which Paxful can add more value and where Bitcoin can be more valuable for people

In addition, Youssef also mentioned the plan to apply an ID requirement of buyers starting September onwards as part of the “redoing the entire know-your-customer (KYC) process”.

Whereas, until now, Paxful only asks for the sellers’ ID only, which initially meant to include potential buyers who don’t have IDs. Turns out that not having the ID of both ends potentially leads to problems, especially when the transaction is completely online.

The company currently has 2 million users over the world and a total of 65 employees. The biggest market of Paxful is in Africa, which already has the highest rates of unbanked adults in the world according to a study made in 2010.

Paxful app will include built-in calculators for volatile currencies such as Bolívar de Venezuela.

“This will allow users and traders to make transactions in the local currency, but using exclusively cryptocurrencies as backup, so that people can use it on a daily basis.”

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