According to CoinDesk, the bitcoin exchange wants to open an office in Venezuela in September and launch an Android app in October.
Ray Youssef, co-founder of Paxful, said that the reason for both decisions is that exchange use is rising in developing countries, where mobile phones are in abundance and not expensive but access to crypto remains rare.
In Venezuela, Paxful’s new office will do market research aimed at local ccostumers. Youssef considers crypto to be a better store of value and a better medium of exchange than what people currently have.
Paxful’s new app will include calculators for volatile currencies like the Venezuelan bolívar.