Global peer-to-peer crypto marketplace, Paxful, has announced the addition of Tether (USDT) to its platform allowing users to convert BTC to USDT to protect their funds from volatility and trade using over 300 payment methods. But just how will this latest addition assist users of the platform in the current economic climate? Paxful CEO and co-founder Ray Youssef unpacks the benefits.
Q: What is Tether?
A: Tether (also known as USDT) belongs to a class of cryptocurrencies known as stablecoins. A stablecoin is a type of cryptocurrency whose value reflects an existing fiat currency like the US Dollar.
Q: Why did Paxful decide to add USDT to its platform at this point of the business journey?
A: The crypto economy has seen a surging demand for a stable digital currency amidst fears of a decline in the global economy. In the last 12 months, Tether has established itself as a champion amongst stablecoins with a market capitalization of over $16 billion (at the time of writing), making it our obvious choice.
We consider this a big step for us since this is the first cryptocurrency other than bitcoin we have on the platform.
Q: How will the inclusion of USDT assist cryptocurrency users?
A: We always listen to our users. We understand that many in the Paxful community depend on our platform, not only for income but also to turn their money to crypto for stability when their national currency is affected by inflation. The inclusion of USDT will help our users better combat a volatile market, protect their assets, and allow them to be more in control of their finances.
Q: How has the introduction of USDT been received by your users?
A: We’ve seen a great response to the addition of USDT, with over $1.5 million in Bitcoin converted to Tether in just a few weeks since the launch.
Q: If you had to introduce Paxful to a new user for the first time how would you describe the platform?
A: Paxful is a people-powered marketplace for money transfers with anyone, anywhere, at any time. Our mission is to empower the billions of unbanked and underbanked around the world to have control of their money using peer-to-peer transactions. Paxful has over 4.5 million users globally who you can instantly buy and sell bitcoin using over 300 different payment methods.