Paxful Launches Paxful Earn, A Wealth Preservation Savings Solution
Paxful Launches Paxful Earn, a Wealth Preservation Savings Solution
Paxful, the world's largest peer-to-peer financial technology platform, today announced the launch of Paxful Earn. The offering will begin in Nigeria, where it will be launched in partnership with Celsius, the world's leading cryptocurrency yield-earning platform. Beginning today, all Paxful users in Nigeria can now earn interest on their Bitcoin (BTC) holdings. Paxful intends to expand the service to a few additional countries in the coming months. Additionally, the company anticipates adding Ethereum (ETH) and Tether (USDT) to Paxful Earn in the future.
Paxful Earn enables the company's over 1.5 million Nigerian users to open an account and earn interest on their Bitcoin holdings. After opting in, users will notice a new tab on their Paxful Wallet page. Users can then specify which funds they wish to earn interest on – these funds will be transferred to an Earn Wallet and begin accruing interest. The remaining funds in the user's account will be available for use on the Paxful platform.
Paxful Earn currently offers an annual yield of 3.51 percent on Bitcoin – but this figure is subject to change based on market conditions. The accrual period begins each Friday at 05:00 UTC and is determined by the balance of the participating user's Earn Wallet. Every Friday at 04:59 UTC, the accrual period concludes. Every Tuesday, participating Paxful users will automatically receive their payout.
“It is our bread and butter to build products that support the users who are driving mass crypto adoption,” said Ray Youssef, CEO and co-founder of Paxful. We are ecstatic to bring this to our Nigerian users as part of our ongoing commitment to assisting them on their path to financial independence. The Nigerian people are entrepreneurial by nature, and I'm excited to see how Paxful Earn expands the country's wealth and opportunity.”
Artur Schaback, Paxful's COO and co-founder, stated: "Through Paxful Earn, we're utilizing Bitcoin as a means of wealth creation and preservation — something that emerging markets desperately need." At its heart, Bitcoin was created for the common man, and we're delighted to offer a savings solution that lives up to that promise.”
“It's fantastic to see DeFi partners like Paxful advancing the Celsius mission of increasing access to blockchain-based finance by expanding into emerging markets and making a positive difference in people's lives in even more places around the world.” – Alex Mashinsky, Chief Executive Officer, Celsius Network
Paxful was founded in 2015 and has operated entirely on its own since then. The company is headquartered in New York and has offices in Estonia, the Philippines, and Russia. The team has more than doubled in size over the last year, reaching over 400 members.
About Paxful
Paxful is a peer-to-peer finance platform that enables users to make payments, conduct transactions, and send money by purchasing and selling cryptocurrencies. Paxful was founded in 2015 by Ray Youssef and Artur Schaback with the mission of ensuring that everyone has equal access to finance regardless of their identity or location. Paxful is used by more than six million people to buy and sell Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) using nearly 400 different payment methods.
The Built with Bitcoin Foundation was founded by Ray Youssef, co-founder and CEO of Paxful, to assist people in gaining access to education and clean water. The foundation has constructed four schools to date (two in Rwanda, one in Kenya, and one in Nigeria). Paxful and the cryptocurrency community fund the Built with Bitcoin Foundation.
About Celsius
Celsius assists hundreds of thousands of consumers worldwide in achieving financial independence by providing a compounding yield service and instant low-cost loans accessible via a web and mobile application. Celsius is a fee-free platform built on the belief that financial services should only act in the best interests of their customers and community. Membership provides access to curated financial services that are not available through traditional financial institutions.
