Paxful launches physical gold trading for bitcoins

by in Cryptocurrency News

Paxful adds gold

Paxful’s P2P platform for bitcoin trading has allowed customers to make transactions for the purchase and sale of the first cryptocurrency for physical gold. The company announced this on its blog.

Related: Tether launches a new gold-backed stablecoin

Site CEO Ray Youssef sees growing interest in gold as a safe investment in light of the recession in the economy.

Youssef commented on the introduction of the new option, saying that in a sense it is symbolic to trade gold in tandem with its virtual embodiment, bitcoin.

Paxful considers its offer to be unique no other P2P market gives such an opportunity to use gold as payment. The addition of yellow metal became a natural course of events against the background of an active request in the crypto community.

The new service is available to customers around the world. The physical delivery of gold, which can take "any material form," must be met within 21 days after the conclusion of the transaction. For this period, BTC will be frozen on the Paxful escrow account.

Users will need to meet certain criteria when completing the KYC procedure. The P2P platform does not set minimum and maximum limits for such transactions.

In the future, Paxful intends to add additional new “goods and services” as a payment method, but the platform’s CEO did not specify the details.