Nigerian customers of the leading global peer-to-peer fintech platform, Paxful, are delighted as it announced an addition to its services that will see users earning interest from their bitcoins.
This new addition, dubbed Paxful Earn, will not be made available to every country the company operates in the meantime as it will launch first in Nigeria.
As per reports, the offering will launch in Nigeria via a partnership with the global industry-leading cryptocurrency yield-earning platform Celsius. As of the time of writing, all Paxful users in Nigeria can now accrue yield on the Bitcoin (BTC) within their digital accounts.
The company will add Ethereum (ETH) and Tether (USDT) to Paxful Earn in the coming days. Paxful also plans to open up the service to several other countries in the following months.
Amid the Nigerian Government’s stance on Bitcoin and other cryptocurrencies, more than 1.5 million users will have an account where they can earn a yield on Bitcoin funds thanks to Paxful.
How it Works
Once users log into their wallets, they will see a new tab within their Paxful Wallet page. Using this tab, they can specify which funds they want to earn savings.
The funds will then be transferred to an Earn Wallet so they can amass yield. Users’ remaining funds will be available for usage on the Paxful platform.
Currently, Paxful Earn offers annual yields of 3.51% on Bitcoin but this number could change based on market conditions.
The accumulation period starts every Friday at 05:00 UTC and ends every Friday at 04:59 UTC based on the participating user’s Earn Wallet balance. Participating users will automatically receive their payout every Tuesday.
Commenting on the launch, Ray Youssef, CEO, and co-founder of Paxful said,
“It is very important to build products that support the users who are driving mass crypto adoption and that the company is proud to bring this to its Nigerian users as we continue to support them on their journey to financial freedom.”
The CEO of Celsius Network, Alex Mashinsky also expressed his excitement as he said,
“It’s great to see DeFi partners like Paxful advancing the Celsius mission of making blockchain-based finance more accessible by expanding to emerging markets and continuing to make a positive impact on people’s lives in even more places across the globe.”