Paxful, a peer-to-peer Bitcoin marketplace, has recently entered India – a country that has recently seen a change in rules that have enabled crypto exchanges to operate thus opening the door to a huge market.
Paxful states that an in-house survey about the future potential of cryptocurrency in India, that 75.8% of respondents rely on digital currencies to transfer money, in an otherwise limited banking system, and 64.8% believe it is the path to financial freedom. The March survey also indicated that 93.8 % of respondents invested in crypto prior to the 2020 ban lift, with 90% of respondents holding Bitcoin and 44% holding Ethereum.
Paxful claims that it has grown from a single-digit market share to a leader in the industry. Pointing to a report by UsefulTulips, Paxful says it is the world’s most popular peer-to-peer Bitcoin trading website and it is now the largest P2P Bitcoin marketplace in India.
In the first 21 weeks of 2020, Paxful has recorded a minimum of $1 million in weekly volumes. Since the beginning of May 2020, the weekly traded Bitcoin volumes have grown setting three consecutive all-time highs – with the week ending 17th May recording a total of $1.521 million (ATH).
Ray Youssef, CEO, and co-founder of Paxful commented on the expansion into India:
“The Indian market holds great potential and importance for the future of the crypto-economy. People in India are betting big on bitcoin presenting an opportunity for greater financial returns. We are actively focussing our efforts on bringing cryptocurrency to the masses across the nation to aid in the eradication of poverty, boost economies, and create jobs, especially in the post-CoVID-19 economy.”