P2P Bitcoin Marketplace Paxful Reports 70% Increase in Bank Transfers Due to Institutional Clients

Bitcoin marketplace Paxful is reporting a 70% increase in bank transfers due to “the onboarding of institutional clients.”

Earlier this year, Paxful lowered the bank transfer fee to 0.1% – a move that may have helped boost user interest. On the Paxful peer to peer marketplace, traders may exchange up to $1 million in crypto value – as long as they complete the KYC verification process.

This past  April, Paxful announced it had teamed up with Jumio, a digital identity and verification company in order to improve Anti-Money Laundering (AML) procedures and implement Know Your Customer (KYC) requirements onto the marketplace. Paxful requires global users who reach an equivalent of $1,500 in trade volume or wallet activity to verify their accounts through the ID verification process.

Paxful does a lot of business in the African continent – something the company says helps to provide access to financial services to an underbanked market. Paxful currently claims over 2 million users and growing.

It has been reported that average monthly trading on Paxful now tops $65 million in value. The rapid rise in the price of Bitcoin in the past weeks should help drive trading volumes higher.

Published by

JD Alois

JD Alois is the pen name of a frequent contributor to Crowdfund Insider. JD has a background in finance and media. Email: jd@crowdfundinsider.com

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