Ray Youssef, co-founder of Paxful, assumes the role of Chief Executive Officer at Noones, a peer-to-peer financial communication application. Noones aims to link the Global South to the world’s financial systems through innovative peer-to-peer technology.
Youssef, a seasoned professional in the industry, especially within the peer-to-peer sector, has a wealth of experience. Additionally,he co-founded the widely-used bitcoin trading platform Paxful, but his collaboration with fellow co-founder Artur Shaback dissolved amidst a company implosion.
Subsequently, Youssef contributed to CivKit, a project designed to offer a blueprint for developers and entrepreneurs to construct their censorship-resistant and permissionless global marketplace. As of May, Noones employs this open-source protocol.
Moreover, apart from his involvement in CivKit, Youssef played a pivotal role in establishing Built with Bitcoin, a humanitarian organization leveraging Bitcoin to enhance the financial well-being of communities across Africa.
Reflecting on his dedication to financial sovereignty for the Global South, Youssef stated;
“For the past 8 years, I have championed the cause of financial sovereignty for the Global South.”
Expressing confidence in Bitcoin’s role in promoting the continent’s prosperity, he emphasized the goal of establishing an interoperable Pan-African clearing layer, intending to elevate intra-African trade to levels comparable to intra-European trade.
Noones Launches, Gains 400,000 Global Users in 4 Months
The ‘official launch’ of Noones coincides with Youssef’s appointment, and the platform has already garnered over 400,000 users worldwide in less than four months of operation. Its primary markets include Nigeria, Ghana, Cameroon, India, and the Philippines.
Noones addresses the inefficiencies of traditional banking systems, providing users with the freedom to transact more swiftly using peer-to-peer technology.
Unlike conventional crypto exchanges facilitating trading between buyers and sellers, peer-to-peer marketplaces like Noones enable direct transactions of digital assets between users, whether in-person or online.
The Noones app boasts a marketplace where users across 190 countries can engage in bitcoin and stablecoin trading using more than 400 payment methods, including gift cards, mobile money, bank transfers, and other cryptocurrencies. Additionally, a messaging platform facilitates the majority of peer-to-peer trades.
Looking ahead, Noones plans to introduce wallet functionality for bill payments in collaboration with top African vendors.
Ray Youssef Bitcoin Vision, Paxful Insights, and Closure Challenges in 2023
Youssef is passionate about Bitcoin’s potential to combat poverty and amplify the Global South’s influence in the world’s financial ecosystem. Furthermore, he emphasized the transformative power of new financial tools, believing that Bitcoin is the key to unlocking unprecedented, borderless opportunities that empower people in unprecedented ways.
Consequently, reflecting on the trajectory of Paxful, founded in 2015 and reaching $5 billion in total volume traded in 2021, Youssef shared insights into the company’s closure in April of the current year. The decision followed challenging regulatory conditions for the industry, with Youssef stepping down as CEO.
Notably, he attributed the shutdown to a lawsuit filed by co-founder Artur Shaback, resulting from differences in business direction and governance.
Ray Youssef Leadership Transition at Noones Amid Disagreements and Accusations
Shaback’s perspective differed, citing disagreements in business direction and governance and accusing Youssef of migrating Paxful’s intellectual property, userbase, wallet history, and passwords to Noones.
However, despite Youssef’s subsequent announcement of reopening peer-to-peer trading through CivKit, which adopts “Know-Your-Peer oracles” in lieu of traditional KYC processes, Noones still requires a KYC onboarding process.
Moreover, Youssef’s transition to CEO marks a significant milestone for Noones, and the platform’s rapid growth underscores its potential to revolutionize financial transactions across borders.