Paxful has also been quite active in spreading the envelope to Kenya and in the East African region, recently. The platform launched a mobile wallet a few days ago to aid the comfort in BTC transactions in these regions. Ray Youssef, CEO, and Co-Founder of Paxful said:
“We are thrilled to provide a mobile platform that will give more people access to bitcoin and allow users to conveniently access their wallets on the move. This is in line with our commitment to helping the unbanked and underbanked gain financial freedom.”
The peer to peer Bitcoin market space Paxful is providing “Paxful wallets”, which will enable the users to easily transact Bitcoin. The launch of this wallet will connect and emerge Kenya’s economy to the global stage and bring about a lot of global commerce to the country. This will also open up several new commerce possibilities, which will uplift the country’s economy and empower the citizens of Kenya. The Paxful wallet app is expected to bring convenience, control, and advancement. There are other exciting features that the users of this app can avail, they are:
- The user can stay abreast of the latest Bitcoin conversion rates running in the market.
- Paxful mobile wallet app users can anytime check their Bitcoin trading history.
- There is a real-time up-to-date status which is made available for the users of this wallet app, to check any aspect of their transactions, savings, and expenditure. All of this is time-stamped.
- There are 300 payment methods through which the user can buy Bitcoin on the Paxful mobile wallet app.
- The wallet app runs smoothly both on iOS as well as Android platforms.
- Paxful mobile wallet app is designed carefully while taking care of the technological limitations of the country. This app works just fine with the lower end devices. There has been no compromise made on the security of the user’s sensitive information whatsoever, neither the features have been decreased.
Paxful’s vision, since its inception in 2014, is to incorporate “underbanked” and “unbanked” with the help of peer to peer financing structure. Studies show that more and more people are showing a growing interest in Bitcoin all across Africa. There is a specific spike of interest in Kenya. Kenya is, in fact, one of the top 5 countries from where the maximum number of Paxful users are coming. As per reports, the country recorded the highest Paxful trade volumes in Kenya Shillings (KES.) It was 28 million KES in seven days time span.
On the other hand, earlier in September, Paxful partnered with CoinLogiq. The partnership has resulted in twenty more Bitcoin ATMs in Columbia. This variety of Bitcoin ATMs in the country will offer a bountiful of options to the crypto users for transacting, investing, and trading in Bitcoin. As per sources, the user of this platform will be offered a digital wallet free of cost, and an additional round the clock customer support.
Dwayne Golden Sr., CEO of CoinLogiq, said,
“I’m now even more convinced that mass adoption will not happen without the influence of the kind of synergy that can now exist as a result of this Paxful/CoinLogiq joint venture. We are both hopeful that our work together will encourage many more such relationships for other global leaders within the crypto community.”
Ironically to this growth and interest in cryptocurrency, the Columbian regulators have been tightening the regulatory rope recently, which may cause some hard time for cryptocurrencies within the country. The regulatory bodies in the country are denying to identify cryptocurrency as a legal tender. For instance, the central bank of the country “Banco de la Republica.” Resources tell that the financial institutions are not permitted to “manage, broker or invest” in cryptocurrencies. The reason why there is such a high demand of cryptocurrency in the country is due to expatriates. The expatriates always incline towards currency exchange in order to send money to their homes.