Paxful announced that you have added Tether (USDT) to your platform along with Bitcoin (BTC).
Recently, the peer-to-peer market that allows trading BTC with fiat currency has seen a significant increase in trading volume, having never exceeded $ 30 million in weekly volume until February 2020, while in June it established a new record above $ 44 million.
Furthermore, the company revealed that the platform has now reached the 4.5 million wallets, with a total volume of operations of $ 4.6 billion, and has managed to reduce disputes to less than 1%. On average, users have increased by 1 million each year, but by 2020 they are on track to close with 2 million new users by the end of the year.
With the addition of USDT, its use could grow even more, since bitcoin can now be exchanged not only for fiat currency, but also for this stablecoin.
Paxful betting on Tether
The cryptocurrency sector has seen a real increase in demand for stable digital currencies for some time now, so much so that Tether It has become the third largest cryptocurrency in the world by market capitalization, behind only Bitcoin and Ethereum.
Its market capitalization in recent months has risen from around $ 3.5 billion to $ 14 billion, also by Tether being increasingly used to trade Bitcoin with the BTC / USDT pair.
The addition of Tether in Paxful is provided as a coverage optioni.e. to allow users to instantly convert BTC to USDT, but also vice versa, to protect their funds during downward fluctuations in the price of bitcoin.
Users can also buy and sell USDT directly using fiat currency with more than 300 payment methods. The USDT balance can be accessed through the user's wallet page, where the current market price for both currencies is displayed.
The company also plans in the future enable trading on your platform, precisely with the BTC / USDT pair, and probably also adding more cryptocurrencies in addition to the two present now.
The CEO and co-founder of Paxful, Ray youssef, said:
“We consider this to be a great step for us, as it is the first non-bitcoin cryptocurrency that we have on the platform. We always listen to our users. We understand that they go to Paxful to build wealth and turn to cryptocurrencies for stability when their national currency is hit by inflation. We hope this helps them to have more control of their finances. " .