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Paxful

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Paxful
Formation2014
FounderRay Youssef, Artur Schaback
HeadquartersUnited States
Websitehttps://paxful.com

Paxful is Wilmington, Delaware-based peer-to-peer decentralized exchange for buying and selling cryptocurrency.[1][2] The company was founded in 2014 and is registered in the United States as a money services business.[3]

The company reportedly has 9 million users, and in March 2022 was named one of Time Magazine's 100 most influential companies.[4]

History[edit]

Paxful, formerly EasyBitz, was co-founded in 2014 by Ray Youssef and Artur Schaback as a Bitcoin payment gateway for brick-and-mortar merchants.[5] The company was rebranded as Paxful and pivoted into a peer-to-peer Bitcoin exchange.[6]

In August 2015, Paxful moved its headquarters from New York to Estonia in response to the state’s BitLicense regulations, although it was still registered in Wilmington, Delaware.[7][8][1] Also in 2015, Paxful was indirectly associated with Backpage.com when the latter removed credit card transactions over sex trafficking accusations, and recommended instead that its users buy Bitcoin from Paxful for transactions on the platform.[9][10][11]

In March 2019, Agari reported that email scammers had been using Paxful to launder illicit funds, by having individuals and non-profit organizations buy gift cards which were then traded for Bitcoin on Paxful.[12][13]

In September 2020, Tether (USDT) was added to the platform to protect users funds from Bitcoin volatility.[14]

In March 2021, the personal data of its 4.8 million users was allegedly hacked and put on sale, which the company denied.[15][16] In April, the company added Ether (ETH) trading.[17] In June, Paxful launched Paxful Pay, allowing e-commerce websites to accept Bitcoin payments.[18] In July, Bloomberg reported that a former Microsoft engineer used Paxful to launder stolen Xbox gift card codes worth over 10 million US dollars.[19] In August, Paxful announced a partnership with Celsius and launched Paxful Earn, allowing Paxful users in Nigeria to earn interest on Bitcoin in their online wallets.[20] The feature was disabled following the bankruptcy of Celsius.[citation needed] In September, Paxful was integrated into the Bitcoin Lightning Network.[21][22]

In February 2022, Paxful opened a learning center in El Salvador to teach locals about Bitcoin and financial literacy.[23] In March, Time Magazine named Paxful as one of the most influential companies in 2022.[4] In May, Paxful rejected calls to cut ties with its Russian engineers amid the Ukraine-Russia conflict, and announced it was still hiring in the country.[1]

Operations[edit]

Paxful is based in Wilmington Delaware and operates its US IT hub there.[1] It also operates IT hubs, in Russia, Estonia, and the Philippines.[1] As of May 2022, the Wall Street Journal reported that the company had 70 employees in Russia, about half its staff, primarily engineers and developers.[1] The company reportedly has 9 million users.[4]

See also[edit]

References[edit]

  1. 1.0 1.1 1.2 1.3 1.4 1.5 Bousquette, Isabelle (May 6, 2022). "As Calls to Leave Russia Continue, Some U.S. Tech Firms Opt to Stay". The Wall Street Journal. Archived from the original on July 27, 2022.
  2. Daly, Lyle (July 22, 2022). "Paxful Review: Pros, Cons, and More". Fool.com. Archived from the original on October 13, 2022. Unknown parameter |url-status= ignored (help)
  3. "Paxful Holdings, Inc. SEC Registration". SEC Edgar Filing Tracker. March 16, 2020. Archived from the original on October 13, 2022. Unknown parameter |url-status= ignored (help)
  4. 4.0 4.1 4.2 Lindzon, Jared (March 30, 2022). "Paxful Is one of the 2022 TIME100 Most Influential Companies". Time Magazine. Archived from the original on March 30, 2022. Unknown parameter |url-status= ignored (help)
  5. Martindale, Jon (April 24, 2018). "Paxful's Formerly Homeless Founder Wants to Give Back With Bitcoin". Digital Trends. Archived from the original on February 3, 2019. Unknown parameter |url-status= ignored (help)
  6. Shukla, Sidharta (January 5, 2021). "How Paxful saw bitcoin as universal translator for money and built a business around it". The Economic Times. Archived from the original on January 6, 2021. Unknown parameter |url-status= ignored (help)
  7. Roberts, Daniel (August 14, 2015). "Behind the "exodus" of bitcoin startups from New York". Fortune. Archived from the original on August 16, 2015. Unknown parameter |url-status= ignored (help)
  8. Adinolfi, Joseph (August 18, 2015). "Some digital-currency startups are fleeing New York". Market Watch. Archived from the original on August 20, 2015. Unknown parameter |url-status= ignored (help)
  9. Aslanian, Sasha (December 15, 2015). "For Sex Industry, Bitcoin Steps In Where Credit Cards Fear To Tread". National Public Radio. Archived from the original on December 16, 2015.
  10. Shares, David (Jun 30, 2016). "Paxful co-founders: We process 8,000 bitcoin transactions per day". Bitcoin.com. Archived from the original on October 18, 2017. Unknown parameter |url-status= ignored (help)
  11. Portnoff, Rebecca. "Backpage and Bitcoin: Uncovering Human Traffickers" (PDF). International Computer Science Institute. p. 3.2. Archived from the original (PDF) on September 20, 2020. Retrieved October 13, 2022. Unknown parameter |url-status= ignored (help)
  12. "Why iTunes? A Look into Gift Cards as an Emerging BEC Cash Out Method". Agari. March 27, 2019. Archived from the original on October 13, 2022. Unknown parameter |url-status= ignored (help)
  13. Newman, Lily Hay (February 27, 2019). "Email Scammers Ditch Wire Transfers for iTunes Gift Cards". Wired. Archived from the original on February 28, 2019. Unknown parameter |url-status= ignored (help)
  14. "Paxful expands Beyond Bitcoin, adds Tether (USDT) to its platform". The Guardian Nigeria. September 14, 2020. Archived from the original on September 19, 2020. Unknown parameter |url-status= ignored (help)
  15. Sriram, Samyuktha (April 9, 2021). "4.8 Million User Records Allegedly Leaked From Paxful Trading Platform On Sale For One Bitcoin". Benzinga. Archived from the original on April 9, 2021. Unknown parameter |url-status= ignored (help)
  16. Faridi, Omar (April 11, 2021). "P2P Bitcoin, Ethereum Exchange Paxful Denies there Was Data Leak, Confirms User Data and Funds Remain Safe". Crowdfund Insider. Archived from the original on April 11, 2021. Unknown parameter |url-status= ignored (help)
  17. "P2P Bitcoin, Ethereum Exchange Paxful Integrates Lightning Network for Faster, Cheaper BTC Transfers". Crowdfund Insider. September 15, 2021. Retrieved October 21, 2022.
  18. De Saro, Matthew (June 4, 2021). "Paxful Launches Bitcoin Payments E-Commerce Tool". Yahoo! Finance. Archived from the original on June 4, 2021. Unknown parameter |url-status= ignored (help)
  19. "Robbing the Xbox Vault: Inside a $10 Million Gift Card Cheat". Bloomberg. July 1, 2021. Archived from the original on July 2, 2021.
  20. "Paxful Launches Paxful Earn, a Savings Solution to Underpin Wealth Preservation". Techcabal. August 25, 2021. Archived from the original on August 25, 2021. Unknown parameter |url-status= ignored (help)
  21. "Paxful Integrates The Bitcoin Lightning Network". Nasdaq. September 14, 2021. Archived from the original on November 10, 2021. Unknown parameter |url-status= ignored (help)
  22. Anuforo, Chinenye (June 22, 2022). "More users leverage Paxful Lightning Network". The Sun Nigeria. Archived from the original on June 22, 2022. Unknown parameter |url-status= ignored (help)
  23. Balcáceres, Pablo (March 16, 2022). "La Casa del Bitcoin: Hay apertura para aprender sobre cripto en El Salvador". Bloomberg Linea. Archived from the original on March 16, 2022. Unknown parameter |url-status= ignored (help)


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