The addition of gold comes at "a pivotal time" for the cryptocurrency industry, an official announcement states.
It is expected the addition will bridge the gap between the traditional finance world and the digital one.
Paxful CEO Ray Youssef claims the company has assessed the demand for buying and selling bitcoin with gold, and it’s "surprisingly high."
"We believe by adding a gold payment option to the platform we can continue to drive our mission of financial inclusion in places such as Africa, where high gold concentrations will grant them access to bitcoins they may have not have been able to purchase otherwise," Youssef added.
However, in order to comply with the AML program, Paxful requires full identity and address verification once a user has reached an overall gold transaction volume of USD $50 or more. Those users, who want to sell gold, will also have to pass the verification procedure, the announcement highlights.
Earlier iHodl reported that a Hong Kong-based crypto exchange Bitfinex announced the launch of margin trading for Tether Gold (XAU₮).
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