A leading Peer-to-peer (P2P) crypto platform, Paxful, has recently announced the shutdown of its operations.
Ray Youssef, the co-founder and Chief Executive Officer, posted a blog on 5th, April, he said, “Today, Paxful will be suspending its marketplace. We are not sure if it will come back.”
He also explained this decision was made due to some key staff departures and regulatory challenges.
The impacts in Nigeria after Paxful is shutting down
Paxful has had a huge impact on the cryptocurrency market in Africa, and in 2022, Nigerian users on Paxful have over 2M. Nigeria is undoubtedly one of the countries in Africa that have shown a growing interest in cryptocurrencies in recent years. After Paxful is shutting down its operations, which appears to hit the Nigeria crypto market.
In 2021, the Nigerian government also banned financial institutions from dealing in or facilitating transactions in cryptocurrencies, citing concerns about money laundering and terrorist financing. This ban was later lifted, but regulatory uncertainty remains a challenge to the growth of the crypto market in Nigeria.
We can predict that the shutdown of Paxful has had a significant adverse impact on the cryptocurrency industry in Nigeria. With the cryptocurrency market’s uncertain future, many Nigerians are now seeking alternative platforms while also worrying about the security of their digital assets.
Platform options for gift card trading in Nigeria
In Nigeria, some online platforms allow individuals to convert their gift cards into cash or other digital assets. These platforms offer services that sell gift cards at a high rate to obtain cash or cryptocurrency.
Ray’s recommendation is Noones platform. In this article, we selected some other trustworthy platforms for gift card or cryptocurrency transactions.
NOSH has a user-friendly interface design and is easy to navigate. The platform offers a wide range of services to choose from, allowing you to use Naira to buy airtime time, data, gift cards, and electricity tokens, making it easier for Nigerians to access and purchase those different services, which are also NOSH’s featured trading business categories.
On NOSH, you can buy cheaper gift cards that support over 120 countries, but the platform may have gift card scam situations.
Tbay is a platform that focuses on gift card trading. The platform pays particular attention to security issues and uses various security measures to protect user accounts and transactions, including two-factor authentication, strict supervision of gift card vendors, encrypted data storage, and efficient dispute resolution services.
Unlike other websites, Tbay and Paxful are similar in that they are peer-to-peer trading, and employ supervisory management to ensure safe transactions for both gift card buyers and sellers. The entry threshold for gift card vendors and management is stricter than Paxful, which makes transactions safer.
Moreover, Tbay offers the best exchange rate for gift cards in Nigeria, especially for popular gift cards types such as Apple gift cards, Google Play gift cards, American Express gift cards, Steam gift cards, and Razer Gold gift cards. However, the platform’s shortcomings are that it does not support some niche gift cards types, such as Game Stop gift cards, and Play Station gift cards.
On Patricia, you can trade gift cards and cryptocurrency freely. The platform supports various payment methods, including bank transfers, credit and debit cards, gift cards, and digital wallets. This allows users to easily buy and sell Bitcoin using their preferred payment method.
The unique feature of this app is that it provides a peer-to-peer feature that allows buyers to confirm the legitimacy of the cryptocurrency they are offering. In addition, it allows sellers to receive payment before transferring the cryptocurrency amount. Some related comments show that the platform’s withdrawal speed is extremely slow, and customer service is often without any customer service response.
Now that you know the related gift card trading platforms, selling gift cards freely and exchanging them for cash or cryptocurrency is undoubtedly a perfect way to increase your assets.
If you have various unused gift cards and want to earn more income, given the security of platform trading, then based on the comprehensive comparison, Tbay is your best choice. According to relevant media reports, the platform has been committed to safeguarding user interests and will impose severe punishment on gift card vendors who violate the rules. Additionally, according to the real-time gift card exchange rate statistics of various platforms, Tbay has the highest average price among popular gift card types, making it the most worthwhile platform for trading.