Paxful launches tool allowing businesses to receive payment in Bitcoin

Peer-to-peer digital asset marketplace Paxful has launched a new e-commerce tool to allow businesses worldwide to receive bitcoin (BTC, +2.52%) payments.

• Paxful Pay exchanges customers' payments from over 400 different methods into bitcoin, which is then sent to the merchant's digital wallet, an announcement Thursday said.

• Other digital currencies are expected to be made available in due course. Paxful plans to introduce automatic conversion into stablecoins like tether (USDT, +0.12%) as well.

• "There is a clear need to offer local options for bitcoin and this product is a culmination of our efforts to deliver on that demand," co-founder of Paxul Ray Youssef said.

• The New York-based firm previously rolled out a crypto debit card, which enables users to convert bitcoin into fiat currency at the time of purchase.