Peer-to-peer (P2P) cryptocurrency marketplace Paxful announced the introduction of support for trade between golden and Bitcoin (BTC) on the platform on Apr 7.

With the announcement, Paxful now facilitates physical trading in sixteen dissimilar countries.

Cointelegraph spoke to Paxful CEO and Founder Ray Youssef, who attributed the conclusion to support gilded to "surprisingly high" client demand.

When a trade is entered, the Bitcoin will remain in Paxful's escrow until the physical delivery of the gilded is confirmed. Transactions must be completed within 21 days of merchandise existence opened on the platform.

Paxful volition non physically track or bear upon the golden traded on the platform, with Youssef stating that the substitution will accept "a light-touch-approach" where possible.

Mandatory KYC for accounts that have traded over $fifty in gold

Youssef states that Paxful expects gilt trading will aggrandize the substitution'south presence in Africa — "where high gilded concentrations will grant them access to Bitcoins they may have not take been able to purchase otherwise."

To comply with Anti-Money Laundering obligations, Paxful requires full identity and accost verification when a user exceeds a total aureate transaction of $l over the history of their business relationship.

Users who wish to sell aureate on the platform may face "ongoing enhanced due diligence" checks. Youssef adds that Paxful'south legal and compliance teams take "thoroughly reviewed" the regulatory implications of supporting gold trading.

Two weeks ago, Paxful announced a partnership with blockchain forensics firm Chainalysis to monitor transactions on the platform to place signs of illicit beliefs.

Youssef states that Paxful has been planning to add back up for trade between Bitcoin and other "goods and assets to the platform for a while."

Equally such, the Paxful CEO states that gold was the obvious next step for them, emphasizing that the commodity has been "used as a store of value for millennia."

"With the recent economic downturn, people even so prefer gold as a safe investment with some already reporting shortages of supply," he adds.