The peer-to-peer exchange of cryptocurrency, Paxful, made an <a href="https://paxful.com/support/en-us/articles/360012787300-Selling-bitcoins-for-gold?__cf_chl_jschl_tk__=274d8fe7db27bb85902214063704e082c6a6a1b8-1586269229-0-AVrxt0T2zBJyafxbgjWrrwyZs2zUBvaaF1cI0CIXMWrJzA9OQJ0pmCqZoVicRheomd1Yw7tU8WIiJfjVR1-t5UG1fj0vLaINIDXKrfZEc4EYo9HDFUD2wxFPq2hjkezILAJMAHnO2Cm0qNChyxWQKKiwlxio7rW_d7BqHa10KXDKPrDUJdwbEpO1jaHapUhdhEOVZDhTWWhg37TI3Hi1YncW0HvRXuHCgWqVq8FtOnnbczSpR-ZqKzgbPvO6rFYznUdmBpSDDnwojis5Mr2ztXEZMbwQ-x1mFg-DZRFDIAfV4CaPeXKqcdHlDLpcn6umIH__wtYm_d54qFtenztOdTO3wIssbyM0mUgznPiyeIAH" target="_blank" rel="noopener">announcement</a> on April 07, 2020, regarding the trade between gold and Bitcoin.

In its announcement, the exchange has stated that 16 different countries could now trade between gold and Bitcoin on Paxful.

The co-founder and the CEO of Paxful, Ray Youssef, on the occasion said, 
<blockquote>“With the recent economic downturn, people still prefer gold as a safe investment, with some already reporting shortages of supply. In a way, it's even symbolic to trade the gold with virtual gold, aka bitcoin.”</blockquote>
<h2>Trading Process Between Gold And Bitcoin</h2>
While explaining how this trading process would work, Youssef said that the exchange will secure the Bitcoin till the time it receives the gold physically. The transaction would not take more than 21 days to get completed. He also mentioned that the gold traded on the Paxful exchange would not come in any physical contact with the exchange, but if contact would be needed then, it (exchange) would opt for a light-touch-approach.

According to a report, gold trading might help the P2P exchange expand its business in South Africa, as the continent have a high gold concentration. If the Paxful successfully expands its presence there then it would easier for Africans to buy Bitcoin there, which they never had.

Youssef has mentioned that if the user’s total gold transaction exceeds of $50 then, under the Anti-Money Laundering regulation, he would have to register his full identity with address verification on Paxful exchange.
<h2>Paxful Will Soon Start Trading Of Goods and Assets With Bitcoin</h2>
Before launching the trading between gold and Bitcoin, the legal team of Paxful sat together and carefully checked the regulatory implications of it.

A few weeks ago, the exchange collaborated with Chainalysis, a blockchain forensic firm, to check if any illicit transaction happens on the platform or not. 

According to a report, Paxful is now aiming to merge with companies which could trade goods and assets with Bitcoin on its platform.

While giving the reason for choosing Gold for trading, the CEO of Paxful said that for the millennia this commodity is a store of value, even if the economy falls down people would still choose gold as their investment.

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Paxful To Start Trading Between Gold And Bitcoin In 16 Countries

The peer-to-peer exchange of cryptocurrency, Paxful, made an announcement on April 07, 2020, regarding the trade between gold and Bitcoin.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

Paxful To Start Trading Between Gold And Bitcoin In 16 Countries

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