Paxful launches B2B service to accept Bitcoin payments

The Paxful P2P platform launched a service that enables companies worldwide to accept Bitcoin. Its clients can choose from 400 payment methods.

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Paxful Pay converts the money received from the buyer into digital gold and sends it to the seller’s wallet. Users of the service can track transactions and adjust the configuration of the solution on a dedicated dashboard.

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According to the press release, in the future the platform will add support for Tether (USDT) and other stablecoins. Paxful also plans to integrate an automatic Bitcoin-to-fiat conversion feature.

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According to Paxful chief executive Ray Yussef, the platform decided to launch the new tool because in many regions around the world people use Bitcoin as a means of payment.

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The platform’s founder Artur Shabak told The Block that until recently the service had operated in a test mode for a limited number of clients. In his view, Paxful Pay will help broaden cryptocurrency adoption.

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\”Until now, Paxful Pay has worked with a limited number of merchants — a little over 100 — in certain regions to test the product and refine its capabilities. With the official launch, we expect to increase the number of users and see even more merchants join us around the world,\” said Shabak.

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Earlier, Paxful launched a Visa debit card for US users that allows converting cryptocurrency into dollars for cash withdrawals, as well as paying for goods and services.

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In April 2020 the platform allowed clients to conduct trades to buy physical gold with cryptocurrency.

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In April 2021, a dump of Paxful’s registered users and Paxful staff database registered users and Paxful staff appeared online. Ray Yussef then denied the information, saying that the attackers had ‘old payroll records’.

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