Paxful, a global peer-to-peer bitcoin marketplace has suspended its operations. Paxful was founded in 2015 and has become popular in countries including Nigeria and Kenya, facilitating peer-to-peer crypto trading.
According to CEO and co-founder, Ray Youssef, the shutdown was partly due to staff departures in some key roles. “While I cannot share the full story now, I can say that we unfortunately have had some key staff departures,” Youssef said.
He also cited concern for the safety of customers funds as a reason for shutting down the platform.
“I couldn’t guarantee the security of the platform,“ Youssef said. ”This is why this thing had to go down”
Youssef assured customers that the Paxful Wallet will remain in operation in order to enable them retrieve their funds while encouraging customers to transition to self custody or use other service providers.
While clients jostle to secure their funds from the sinking Paxful ship, Ray Youssef is already working on a new platform. It is called, Civilization Kit. (Civ. Kit)
Civ. Kit will be a decentralized peer to peer basic bitcoin trading application.
Youssef said a white paper for Civ.Kit will be released in a few weeks as he plans to rally the bitcoin community to help build and fund the project.
Apart from being built on Nostr, the Jack Dorsey-backed decentralized social media protocol, Civ.Kit will be different from platform like Noones and Paxful because it will enable anyone to build a decentralized bitcoin based marketplace on its Civ. Kit, thereby, forming a network of decentralized non custodial bitcoin marketplace.
”It is possibly the most exciting thing since Bitcoin,” Youssef said. “This will allow anyone – community or nation state – to build their own decentralized marketplace. My dream is that there are 1,000 options running all over the world.”
These guys are doing exploits. I really love The Phantom V Fold.