Nigerian clients of the leading global peer-to-peer fintech platform Paxful are pleased to announce an expansion of their services that will help generate interest in their bitcoins.
This new addition, called Paxful Earn, will not be available in every country the company has been operating in in the meantime as it will be launched in Nigeria first.
The offering is reportedly being launched in Nigeria through a partnership with the world’s leading cryptocurrency yield platform Celsius. At the time of writing, all Paxful users in Nigeria can now earn income from the Bitcoin (BTC) in their digital accounts.
The company will add Ethereum (ETH) and Tether (USDT) to Paxful Earn in the coming days. Paxful plans to open the service to several other countries in the coming 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 get a return on Bitcoin funds thanks to Paxful.
How it works
As soon as users log into their wallets, they will see a new tab on their Paxful wallet page. On this tab you can indicate which funds you want to save.
The funds are then transferred to an earn wallet for them to accumulate income. The users’ remaining balance is available for use on the Paxful platform.
Currently, Paxful Earn offers annual returns of 3.51% on Bitcoin, but this number is subject to change based on market conditions.
The accumulation period begins 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 automatically receive their payout every Tuesday.
Introducing Ray Youssef, CEO and Co-Founder of Paxful:
“It is very important to develop products that support the users who are driving the mass adoption of cryptocurrencies, and the company prides itself on bringing this closer 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 enthusiasm when he said:
“It’s great to see DeFi partners like Paxful advance the Celsius mission to make blockchain-based finance more accessible by expanding into emerging markets and continuing to positively impact people’s lives in even more places around the world. “
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