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The loss of some is the gain of others, especially the crypto-verse. On September 14, 2020, Paxful announced that it was closing its operations in Venezuela because the OFAC sanctions made it very risky for them to provide their services to Venezuelans. They gave their clients two options: either withdraw their funds in less than 30 days⊠or move to another country.
The news spread quickly through social media along with an emotional farewell tweet from the team at Paxful LatAm:
âWe hope that there will be another opportunity to enter the region again in the near future. This is not the end.â they said
Taking the Opportunity
And as some wept and grieved, others did not hesitate to take advantage of the opportunity. Replies quickly filled with promotions of rival decentralized platforms promising that no political agenda could be used against them⊠And things turned out well.
A little less than two days after the incident, LocalCoinSwap, a decentralized platform for connecting Bitcoin traders, announced a 230% growth in the number of sessions opened by users in Venezuela.
The tweet went straight to the point, outlining that LocalCoinSwapâs strength was precisely Paxfulâs Achillesâ heel: it was not dependant of a government whose current policy focuses on censoring operations with the people of Venezuela:
âWe have seen a 230% increase in new user sessions in #Venezuela since @paxful announced its departure from the country! We are resistant to censorship, and we donât force you to share your private infoâ.
Venezuela: An Attractive Market for Crypto Trading Businesses
LocalCoinSwap does not intend to miss the opportunity to enter the Venezuelan market. A welcome tweet for Venezuelan users highlighted the platformâs commitment to serving the country. And a blog post with the Venezuelan flag outlined the multiple benefits their customers are getting.
âHello Venezuela, here we are for you,â it said.
If it werenât for the unilateral sanctions of the United States, the Venezuelan market could perhaps be one of the most attractive in Latin America for the entire crypto ecosystem. The country is the third-largest p2p Bitcoin trading market globally. It has also attracted Binance, HodlHodl, LocalCryptos, and other crypto firms from around the world.
Although LocalCoinSwap didnât give any actual figures â neither did Paxful â a 230% increase doesnât hurt any business. But they certainly have a long way to go in the quest for the attention of Venezuelan traders who love LocalBitcoins almost unanimously.
The post Decentralized Trading Platform Grows 230% in 2 Days As Paxful Left Venezuela appeared first on CryptoPotato.
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