Despite an ongoing bear market that has seen the price of Bitcoin (BTC) hit its lowest level in over five months, wallet creation appears to continue unabated. Popular crypto marketplace Paxful now has over 3 million wallets created on its platform, with about 25% of those (approx. 800,000) added in the past 12 months.
Paxful works as a peer-to-peer crypto marketplace, providing a safe platform for buyers and sellers to make contact and complete transactions. Earlier this year we reported on how Paxful had partnered with biometrics firm Jumio to incorporate artificial intelligence into its verification system. Jumio is an end-to-end identity verification solution that can be used to instantly meet anti-money laundering (AML) and know-your-customer (KYC) compliance requirements.
Paxful has some of the more crypto-progressive nations in Africa to thank for its growth, with both Nigeria and Ghana accounting for a large percentage of new wallet registrations. Existing markets are also growing, with statistics from crypto tracking site Coindance revealing an early October trade volume of over $40 million in India and $30 million for Kenya.
A focus on education
Paxful CEO Ray Youssef believes now is an exciting time in the cryptocurrency industry, noting an increasing interest in peer-to-peer trading from young people.
“[Paxful] just conducted a study which stated that more than half of Millennial and Generation Z respondents are interested in peer-to-peer trading as opposed to simply owning crypto or purchasing on exchanges,” says Youssef. “This further signals the importance of an interconnected, peer-to-peer economy. We’re thrilled to be able to say this statistic has proved itself even more valid due to Paxful’s steady growth.”
Education has become a key factor in Paxful’s growth, with the company investing money into teaching young people in emerging markets about the advantages of a peer-to-peer economic system that eliminates costly third-party services. International remittance is quickly becoming one of the most important technological advancements of the 21st century, with more and more young people moving abroad to earn money to send home. Paxful is focused on spreading information about how cryptocurrencies and blockchain technology can assist in providing faster and cheaper ways to send money overseas.
Crypto market continues to fall
The overall cryptocurrency market has experienced another big drop recently, with Bitcoin falling by over $400 in a matter of minutes yesterday. The loss took its price down to around $7,500, the lowest its been in over five months.
The move also shredded alternative markets, with Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH) and Litecoin (LTC) all losing between seven to nine percent in value. For months now many crypto analysts have been suggesting that Bitcoin might ‘bottom out’ at around $7,400, a key resistance point earlier in the year. Only time will tell if $7,400 now provides the much-needed support that Bitcoin has been searching for since June.