Paxful`s Youssef Picks Bitcoin Alternatives After Shutdown

SNEAK PEEK

• Paxful CEO is rallying support for alternative Bitcoin marketplaces.
• This comes after the peer-to-peer platform, Paxful seized operations.
• The business recommends moving cash to non-custodial wallets or Noones.

Paxful, a well-known peer-to-peer Bitcoin marketplace, has suspended its operations. However, Ray Youssef, the co-founder of Paxful, is wasting no time promoting an alternative platform called Civilization Kit (Civ Kit). Jack Dorsey-backed Nostr, a decentralized social networking platform, is the foundation of Civ Kit, a decentralized peer-to-peer Bitcoin trading application.

According to Youssef, Civ Kit is more than just a platform for trading Bitcoin; it is a way of life centered around self-sufficiency and community empowerment. Civ Kit is designed to be accessible to everyone, regardless of their level of technical knowledge. 

It is intended to promote financial freedom and economic growth in regions where traditional financial services are unavailable or prohibitively expensive. Despite the closure of Paxful, Youssef remains optimistic about the future of Bitcoin and decentralized finance, and he believes that Civ Kit is well-positioned to become a leading player in the space.

Youssef has revealed that a white paper for Civ Kit, the decentralized peer-to-peer Bitcoin trading application built on Nostr, will be released within the next one or two weeks. To promote the platform, Youssef has stated that he plans to enlist the support of the Bitcoin community to help fund and develop Civ Kit.

As Paxful suspends its operations, the company advises users to transfer their funds to non-custodial wallets or alternative platforms like Noones, a newly launched peer-to-peer Bitcoin marketplace co-founded by Yusuf Nessary and Nicholas Gregory. Ray Youssef, the co-founder of Paxful, has expressed his support for Noones, although he has no direct involvement in the company.