Twitter Founder Jack Dorsey’s Crypto Firm Partners with Paxful’s Ray Youssef for P2P Marketplace Venture

Jack Dorsey’s crypto agency TBD has partnered with Paxful co-founder Ray Youssef to launch a decentralized peer-to-peer (P2P) crypto buying and selling platform.

The new enterprise, referred to as Civilization Kit (Civ Kit), will probably be constructed on Nostr, a decentralized community protocol for distributed and free social networking programs, in accordance with the mission’s white paper launched final month. 

The launch of Civ Kit comes shortly after Youssef’s P2P bitcoin market, Paxful, which was common in nations resembling Nigeria and Kenya, shut down amidst regulatory strain and inner conflicts. 

Civ Kit intends to create a community of decentralized, non-custodial bitcoin marketplaces, which may attain hundreds, Youssef stated throughout a current episode of The Scoop, a weekly interview podcast by crypto media The Block. 

He claimed that Civ Kit will result in hundreds of plug-and-play P2P marketplaces world wide, including that the decentralized id tech developed by Jack Dorsey’s firm TBD would play an essential half within the course of.

Previously, Youssef had referred to as Civ Kit “the next evolution of Bitcoin.” 

“We spent millions on compliance, but even that still wasn’t enough,” he stated in an interview. 

“And then to make things worse, in the middle of January, my co-founder decided to sue the company and myself. The litigation got really nasty and he scared away our best people. My entire chief level staff resigned. I had no operational staff.”

Paxful Shuts Down Amid Internal Conflicts

Paxful was based in 2015 and facilitated P2P crypto buying and selling, which means customers exchanged Bitcoin for money, reward playing cards, cellular cash, and different types of foreign money by the platform. 

In early April, {the marketplace} introduced that it’s suspending operations following inner conflicts between Youssef and Paxful’s co-founder Artur Schaback. 

More particularly, the latter accused Youssef of shutting him out of the operation, withholding key particulars in regards to the platform’s enterprise dealings, and making fraudulent fund transfers.

Paxful has inspired customers to maneuver their funds to non-custodial wallets or different platforms, such because the newly-created Noones P2P bitcoin market.

Noones affords related performance to Paxful, together with pockets, itemizing service, market, and escrow, with Lightning Network performance set to turn into accessible in a number of weeks.

Civ Kit, nonetheless, intends to go additional than Noones and Paxful, enabling anybody to construct a decentralized Bitcoin-based market on prime of its ecosystem, Youssef stated. 

“It is possibly the most exciting thing since Bitcoin. This will allow anyone – community or nation state – to build their own decentralized marketplace. My dream is that there are 1,000 options running all over the world.”