Ray Youssef, the CEO of Paxful, has sent a message to welcome all users of LocalBitcoins. LocalBitcoins is a peer-to-peer crypto platform that was launched ten years ago but announced early February that it’s shutting down.
The company attributed the reason for shutting down is the inability to meet up with the current market demands and outcome that has affected the crypto market. “We are sad to share that regardless of our efforts to overcome various challenges during the ongoing very cold crypto winter, during which our volumes and market share have continued to decline,” LocalBitcoins said.
On the other hand, Paxful has launched a campaign to help onboard LocalBitcoins users seamlessly.
Moving from LocalBitcoins to Paxful
According to the message shared by Ray, Paxful has a laid guideline for users to transfer their assets from LocalBitcoins to Paxful. The process involves sharing the user email, Paxful profile link (which should be created before making the request), LocalBitcoins profile link, and phone number. Once done, the user submits the form.
Ray explained that the process with be done using an auto importer system from the LocalBitcoins platform to Paxful. “All LocalBitcoins traders who want to continue with your years of reputation please know you have a home, Paxful,” he said.
Paxful and its Bitcoin voyage
Paxful is a peer-to-peer platform where users can buy and sell cryptocurrencies such as ETH, BTC, and others around the world. It was founded in 2015 by Ray Youssef and Artur Schaback.
In Q3 of 2021, the platform integrated Bitcoin Lightning Network to aid the easy transfer of bitcoin between users. Paxful also delisted ETH in December 2022 claiming that the asset was no longer fit for its platform as it bears similar characteristics as fiat after migrating from Proof of Work to Proof of Stake.
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