Paxful overtook LocalBitcoins, became the largest P2P bitcoin marketplace in India

Paxful, a popular P2P bitcoin exchange in the world based in the US,  that recently expanded operations in India, is already the largest in the country, according to the company’s blog on June 4.

Through the platform, buyers gain access to the global economy by connecting to hundreds of vendors, and vice versa. Other features include instant transfers to other Paxful wallets, an option to trade with over 300 payment methods, and most national currencies, the blog said.

Speaking about the achievement, Ray Youssef, CEO, and co-founder of Paxful said, “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 focusing 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.”

According to a report by UsefulTulips, a portal that tracks the information derived from trading data of the world’s most popular peer-to-peer bitcoin trading websites, Paxful is now the largest P2P bitcoin marketplace in India.  In the first 21 weeks of 2020, Paxful has recorded at least $1 million in weekly volumes.

Since the beginning of May 2020, the weekly traded bitcoin volumes have ballooned setting three consecutive all-time highs – with the week ending 17th May recording a total of $1.521 million (ATH).

In India, according to the March survey, 93.8 % of respondents invested in crypto prior to the 2020 ban lift, with 90% of respondents holding Bitcoin and 44% holding Ethereum.

Recently, a median forecast from a Reuters poll of economists put annual economic of India growth at 2.1% in the March quarter, lower than 4.7% in the December quarter. Forecasts ranged between +4.5% and -1.5%. Economists expect the fiscal year that began in April will see the worst economic contraction in four decades.

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