Resume virtual currency service
Peer-to-peer (P2P) crypto asset (virtual currency) exchange Paxful announced on the 8th that it will resume services.
The company announced on the 5th of last month that it will “end” the service. At that time, he explained that it was undecided whether the service would be resumed, but he said that it was already online on the 8th, and that the function of the electronic market would be gradually restored.
𝐁𝐑𝐄𝐀𝐊𝐈𝐍𝐆 𝐍𝐄𝐖𝐒: Paxful is back online.
Over the next couple of days, we’ll be gradually restoring functionality to the marketplace.
Thank you to everyone for your support!
— Paxful (@paxful) May 8, 2023
connection: P2P virtual currency exchange Paxful announces end of service
It seems that the company’s wallet continued to operate during the period when the service was suspended. He explained that the team has been working hard over the past month to ensure the safety and security of users and to restart the service.
Paxful allows you to buy Bitcoin (BTC), USDT and USDC. The company provides the following services, and plans to once again provide services to people who cannot use the traditional financial infrastructure.
- money transfer
- business building
connection: P2P virtual currency exchange Paxful to delist Ethereum
What is P2P
P2P in virtual currency trading refers to a form in which users can trade directly with each other without going through an intermediary. In the blockchain field, it also refers to a network form in which connected computers communicate with each other without going through a central server.
Reason for discontinuing service
When Paxful ended its service in April, it said it could not share all the reasons for its termination. In addition, he cited the following reasons.
- Several key employees have left the company
- Due to increased regulatory burden
The announcement also explains that in order to protect all customers and the future of Paxful, the electronic marketplace was “paused”.
The company also didn’t mention in the announcement that the lawsuit affected co-founder Ray Youssef when he joined Twitter’s Space.
According to Youssef, co-founder Artur Schaback sued Paxful and Youssef. Schaback has refused to pay salaries to several of his employees, apparently resulting in some layoffs.
In addition, the announcement did not mention what was the reason for the lawsuit or how the above-mentioned problems were resolved. According to CoinDesk, a cryptocurrency media company that has interviewed both of them, a new director, “Aru Custodian,” is currently participating in Paxful’s operations.
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