Paxful lets businesses receive payments in Bitcoin


Peer-to-peer digital assets marketplace Paxful has launched a new tool that lets businesses worldwide receive payments in Bitcoin. The ecommerce tool converts customer payments into the crypto.

In a Thursday announcement, the company said that Paxful Pay exchanges customer payments from over 400 different methods into Bitcoin, which is then sent to the digital wallet of the merchant.

Other digital currencies are also on the horizon, and are expected to be made available in due course.

Cofounder of Paxful, Ray Youssef:

“In many regions across the globe, we see people use bitcoin as a financial tool for purchasing goods and services. Bitcoin has several different use cases that we’ve only begun to leverage and e-commerce is a great example. At Paxful, it’s imperative that we give users and businesses around the world the opportunity to take advantage of the power of bitcoin to gain financial freedom.”

The New York based firm previously rolled out a crypto debit card that enabled users to convert Bitcoin into fiat currency at the time of purchase. That Visa powered card was made available towards the end of last year in partnership with Fintech platform BlockCard.

Paxful currently has 100 merchants on Paxful Pay, and the company expects to onboard a select number of new merchants in the coming weeks.

The service will expand more generally from there.

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