Paxful lets users exchange gold for BTC
The cryptocurrency exchange Paxful has introduced new feature to its service. Now users can directly exchange bitcoin for gold.
The Chief Executive Office of Paxful Ray Youssed has stated, that the update has been motivated by user requests. To engage in trade, the parties start by determining terms and deciding if the transfer of gold itself should take place in person and where should it happen. After that, the owner of bitcoin transfer the sum to the special escrow.
The funds will remain there until the owner of gold gets the confirmation of the bullion transfer and the recipient gets a receipt. Then Paxful will open the access to bitcoin. If the operation is not completed in 21 days since its initiation, the parties can launch dispute arbitration.
Transfers worth over US$50 must comply with the know-your-customer protocols of Paxful. “Enhanced due diligence” might be deployed for certain sellers. The platform's security has recently been reinforced by the acquisition of Chainalysis’ intelligence kit.