Paxful Launches Tool Allowing Businesses to Receive Payment in Bitcoin

Peer-to-peer digital asset marketplace Paxful has launched an e-commerce tool to allow businesses worldwide to receive bitcoin (BTC, +1.67%) payments.

Paxful Pay exchanges customers’ payments from over 400 different methods into bitcoin, which is then sent to the merchant’s digital wallet, an announcement said.

Other digital currencies are expected to be made available in due course. Paxful plans to introduce automatic conversion into stablecoins like tether (USDT, +0.08%) as well.

“There is a clear need to offer local options for bitcoin, and this product is a culmination of our efforts to deliver on that demand,” co-founder of Paxful Ray Youssef said.

The New York-based firm previously rolled out a crypto debit card, which enables users to convert bitcoin into fiat currency at the time of purchase.