Sell Crypto Service
Paxful is a prominent peer-to-peer platform for trading digital currencies. We created a highly adaptable system that enables Paxful's users to sell a diverse array of digital assets. The platform connects with various external services, facilitating the sale of cryptocurrencies across different currencies and jurisdictions. Utilizing a peer-to-peer method, the platform manages crypto-to-fiat transactions by linking two users wanting to execute opposite trades (such as one user looking to buy BTC with USD while another seeks to sell BTC for USD). The fiat transfer (in this instance, USD) occurred outside the platform, typically through bank transfers, with the selling user's crypto assets secured by the system until they confirmed receipt of the funds. Although this method was straightforward and faced fewer regulatory hurdles, it involved numerous manual processes for users outside the system, leading to significant delays, high fraud rates, and less competitive pricing. We addressed these challenges by partnering with various external services that assist with fiat remittance in exchange for cryptocurrencies. We diligently managed our balances with these partners to ensure we always had sufficient funds for customer transactions. When a customer sought to exchange cryptocurrency for fiat, the system would direct a partner to transfer the required fiat amount to the client, occasionally advising on the need for crypto conversion. Business Impacts: ✔️30% workforce reduction ✔️50% decrease in fraud ✔️20% less demand on the customer support team ✔️The new system increased revenue by 30% compared to the previous one. Technologies utilized: AWS, Python, Postgres, Redis, Kubernetes, Gitlab, Celery, React.js. Website: www.paxful.com.