Peer-to-Peer Bitcoin Marketplace Paxful Gaining Popularity in China and Japan

Paxful, a bitcoin p2p marketplace where consumers can trade the world's most popular cryptocurrency for cash, gift cards and other online payment methods, has seen increasing trading activity originating out of the major Asian economies.

Volumes on Paxful in China, Japan and Malaysia have been rising steadily since the start of 2019.

Just last week, volume in China hit at all-time high at CNY¥10 million, with turnover in Japan also hitting a new record of JPY¥16.5 million. Malaysia trading activity on Paxful also set a new record at RM84,000.

Although majority of bitcoin p2p trading in China still takes place on LocalBitcoins, which saw close to CNY¥17 million in volume last week, the latest volume numbers coming out of Japan show that Japanese cryptocurrency traders now favor Paxful over LocalBitcoins.

LocalBitcoins saw only JPY¥2.3 million in trades last week compared to Paxful's figure of JPY¥16.5 million.

Data from indicates that Paxful began to overtake LocalBitcoins in Japan in May of this year, when weekly trading activity started to rise and maintain above the JPY¥8 million mark. LocalBitcoins' weekly volume in Japan has only surpassed the JPY¥5.5 million mark on three occasions since 2013.