Paxful, a peer-to-peer crypto trading exchange, has shut down operations, and it is unpredictable if they will resume any time soon, according to the words of its CEO, Ray Youssef, on their website.
“This will probably come as a big shock to many,” Youssef said. “While I cannot share the full story now, I can say that we unfortunately have had some key staff departures.”
Well, indeed, I was shocked because Paxful has been a relevant crypto trading platform in the industry with over 10 million users.
If you don’t know about Paxful, here’s a quick highlight.
Paxful is a well-known peer-to-peer crypto exchange that enables users to buy and sell Bitcoin and other cryptocurrencies with over 300 payment methods, including bank transfers, online wallets, and gift cards. Which has made it one of the significant platforms to use when trading cryptocurrency. While it can be difficult to precisely state the company’s impact on the industry, Paxful has undoubtedly made a significant impact on the crypto industry.
But What May Have Gone Wrong With Paxful?
As big as Paxful is, it is very surprising to see that they are shutting down. Are they bankrupt? But I do not believe even if they are, that it will be as intense as what happened to the FTX Exchange.
Paxful was a good crypto exchange and has played a significant role in the growth of crypto adoption globally. With millions of registered users around the world, Paxful was able to gain popularity in countries where traditional banking services have been limited, which provided alternative options for people to make monetary transactions in the global economy. Paxful was also a good platform way to make money with p2p trading.
Paxful has also been a forefront promoter of financial inclusion and education, particularly in undermined communities. Additionally, Paxful has unveiled a number of cutting-edge features and programs to improve user experience and encourage usage. For instance, the business introduced the “Paxful Wallet,” which enables users to safely keep their coins and also comes with an integrated market that enables users to trade right from their wallets. Paxful has also collaborated with a number of businesses and groups to broaden its influence and encourage the usage of cryptocurrencies, including Binance, BlockFi, and PayPal.
With these significant impacts that Paxful has had on the crypto industry, why then are they shutting down? Because it seemed like they were thriving.
So, What’s Next For Paxful?
Youssef said in his message, “We are not sure if it will come back.”
In the literal English language, that means he is unsure if Paxful will be back for operations, which is not encouraging for many of their loyal followers. On the recent Twitter Space held, he seemed compassionate to his users.
A Paxful user tweeted, “When most of the exchanges and banks are struggling to provide 100% withdrawal. Paxful is allowing 100% withdrawal on EXIT. No drama ….No issues. In fact, just two days back @raypaxful returned the funds of users whose money was lost in Celsius. @raypaxful is RAY OF HOPE.”
Those are indeed some kind words.
Honestly, I do not see any hope in Paxful coming back, according to Ray’s message. Although, he gave a solution – self-custody. Which means everyone is on their own.
He advised his users to trade using other platforms and personally vouched for Noones and Bitnob. But I am personally vouching for Breet. If you are in Nigeria and Ghana, use Breet when selling Bitcoin and other cryptocurrencies. Emm, let’s get back to the topic.
Final Thoughts On The Paxful Shutdown
Overall, Paxful has established itself as a reputable and significant participant in the cryptocurrency market by offering a convenient and approachable venue for people to purchase and trade cryptocurrencies globally. They have had a good ride so far and I truly hope for the best for them. Well, if you are one of their loyal users, check out my colleague’s post titled “Best 10 Paxful Alternatives To Sell Bitcoin”. In all, we hope for the best for the crypto industry.
