Paxful launches e-commerce tool to let businesses receive bitcoin payments

Paxful, a peer-to-peer (P2P) marketplace with over six million users, announced Thursday the launch of its e-commerce tool Paxful Pay, according to a release from the firm. 

“To date, Paxful Pay has only worked with a limited number of merchants — just over 100 — in select regions to test the product and improve its capabilities,” Paxful CEO and co-founder Artur Schaback told The Block. “With the official launch of Paxful Pay, we’re ramping up onboarding and expect to bring on more merchants globally.”

The tool lets customers pay merchants through over 400 payment methods that are then converted into bitcoin and sent to the merchant’s digital wallet. While bitcoin is the primary cryptocurrency used for Paxful Pay, the P2P platform plans on adding Tether and other stablecoins in the future, as well as add BTC to local currency conversions in the future. 

“Our goal for Paxful Pay is to bring better financial freedom to both merchants and users and open up e-commerce and crypto adoption globally,” Schaback says. 

Paxful had also made previous moves in other parts of the retail sphere, having presented debit cards to customers in November of 2020 and allowed users to trade gold with bitcoin in April of 2020.