Users in Kenya can use their mobile points to buy and sell cryptocurrency at their own rates
October 8, 2020, Nairobi, Kenya – Global peer-to-peer marketplace, Paxful has announced that users can now redeem mobile loyalty points to buy and sell Bitcoin (BTC) and Tether (USDT) on its P2P platform. Redeemable mobile points are loyalty programs by various telecommunications companies to allow customers to accumulate points based on the usage of services on their networks.
Ray Youssef, Chief Executive Officer, and co-founder of Paxful said: “We have witnessed a drastic increase in bitcoin trading volumes and transactions across our platform. The surge mainly induced by the corona pandemic as people are working at home and looking to cashless transactions. We are aware of this impact and hence the need to give our users more options and freedom to convert mobile loyalty points to bitcoins.”
The announcement comes in the wake of telecommunication companies in Kenya increasing options for customers to use loyalty points for activities such as air tickets, shopping, fueling their cars and even paying education loans.
This development is just one more step as part of the company’s wider vision of facilitating financial inclusion to the unbanked and underbanked in Kenya. Established in 2015, Paxful enables users to buy and sell crypto with each other using more than 300 payment methods, including online wallets, bank transfer, and gift cards, to name a few.
Since inception, they have added 1 million users per year and so far in 2020 and are on track to sign up an additional 2 million users by the end of the year. Paxful also added Tether (USDT), the world’s largest stablecoin by market value, to its platform. The addition comes with a hedging and trading option, helping the users protect their funds from the volatile market.
Paxful is a people-powered marketplace for money transfers with anyone, anywhere, at any time. Their mission is to empower the forgotten four billion unbanked and underbanked around the world to have control of their money using peer-to-peer transactions. The company, founded in 2015, has over 4.5 million users globally who you can instantly buy and sell Bitcoin (BTC) and Tether (USDT) with—using over 300 different payment methods.
As part of their mission, Paxful launched #BuiltWithBitcoin, a social good initiative to build 100 schools funded entirely by bitcoin all across emerging markets. Paxful was co-founded in 2015 by Ray Youssef, Chief Executive Officer, and Artur Schaback, Chief Product Officer.