Peer to peer Bitcoin marketplace, Paxful says there is now a growing interest in Bitcoin P2P trading platforms (BTC) in Russia.
According to a shared with Crowdfund Insider, many Russians resorted to money and BTC during those periods of economic uncertainty created by the COVID-19 global pandemic.
Paxful, which aims to allow for greater monetary inclusion, says Russian citizens can simply try to use Bitcoin to “fight inflation.” Paxful, which recently surpassed LocalBitcoins as a leader in the P2P Bitcoin market, said it had recently begun to pay more attention to the Russian market (late 2019).
As widely reported, Russia’s position on cryptocurrencies is unclear. However, the Russian State Duma has put forward a proposal to verify virtual currencies.
The states of Paxful:
Associated with the economic misery of the coronavirus, which has weighed heavily on its citizens, a burden on a monetary formula of choice has more than obvious in the region.
According to Paxful, some of Russia’s “most significant” figures come with the expansion of the inventory market year after year (year after year) in terms of overall commercial revenue, “indicating an entry in cryptocurrency use”.
Paxful’s team revealed that from May 2019 to May 2020, the exchange had recorded an increase in usage of 350% year-on-year.
They further noted:
“The COVID-19 pandemic (MoM) broke down month by month ( Paxful recorded 50% MoM in May, 41% MoM in April, 34% MoM in March, with the average of the last 3 months – 42% MoM, each consecutive month was the highest of all time, July is expected to surpass June the highest month to date. In addition, the number of new users increased by 365% during the same period. »
Anton Kozlov, Paxful’s director for the Russian market, said that apart from the coronavirus crisis, Russia has maintained a “monolithic” banking formula that is controlled or ruled by only a few players, and we are beginning to perceive that the Russians seem to be in favor. “alternative means” to grow their investments and also participate in money markets.
Kozlov noted:
Paxful recently revealed that 4.5 million virtual wallets have been opened on its platform. Inventory exchange has also reported a transaction volume of more than $4.6 billion (to date) and has controlled the degrees of transaction disputes to “less than 1%”.
Paxful says that since its launch in 2015, it has uploaded about 1 million users a year and so far this year is on track to raise 2 million users (by the end of 2020).