Paxful resumes service after more than a month of shutdown

At the beginning of April, the P2P platform Paxful announced the suspension of its activities. This decision was mainly the result of internal disagreements between the two co-founders of the company, namely Ray Youssef and Artur Schaback.

Takeover of Paxful: end of the disagreement between bosses?

In April, the P2P platform Paxful had suspended, to everyone’s surprise, its activities. Among other reasons for this decision, it was mentioned conflicts within the company. A few weeks later, contrary information, just as unexpected, is made public.

In a press release published on Tuesday, May 9, the company formalized its return to the crypto ecosystem. A scene, which she had not quite left. Indeed, Paxful Wallet, its crypto wallet service, has remained in operation.

The question that can legitimately be asked is what is motivating the resumption of the platform’s activities. The company does not state this explicitly. In the press release it released, however, it states:

“We know this has been a difficult time for many of our users, who were rightly surprised by the sudden suspension, however, we are delighted to be back so that we can continue to serve millions of people without financial access”.

It is difficult to know, in the light of these remarks, the root causes of the restart of Paxful’s activities. However, some elements may give rise to speculation. Among these, the resignation of Ray Youssef, co-founder and ex-CEO of Paxful.

We know that he had differences of opinion with his partner Artur Schaback. With this other co-founder of Paxful, they did not agree in particular on management issues.

While one (Youssef) wanted to put an end to the operations, the other (Schaback) wanted to continue them. The latter has also filed a lawsuit against Ray Youssef. A lawsuit that the latter would have potentially lost and which led to his resignation on April 18.

The end of this story is still unclear. Never mind, Paxful users may ultimately be the big shots in this plot. This, because Paxful, was before the suspension of its operations, one of the most important P2P platforms in the crypto ecosystem.

Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of newsletter daily and weekly so you don’t miss any of the essential Tremplin.io!

Similar Posts