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 brand new enterprise, known as Civilization Package (Civ Package), shall be constructed on Nostr, a decentralized community protocol for distributed and free social networking techniques, based on the challenge’s white paper launched final month.
The launch of Civ Package comes shortly after Youssef’s P2P bitcoin market, Paxful, which was fashionable in international locations akin to Nigeria and Kenya, shut down amidst regulatory strain and inner conflicts.
Civ Package intends to create a community of decentralized, non-custodial bitcoin marketplaces, which may attain hundreds, Youssef mentioned throughout a latest episode of The Scoop, a weekly interview podcast by crypto media The Block.
He claimed that Civ Package will result in hundreds of plug-and-play P2P marketplaces around the globe, including that the decentralized identification tech developed by Jack Dorsey’s firm TBD would play an necessary half within the course of.
Beforehand, Youssef had known as Civ Package “the next evolution of Bitcoin.”
“We spent millions on compliance, but even that still wasn’t enough,” he mentioned 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 Inside Conflicts
Paxful was based in 2015 and facilitated P2P crypto buying and selling, that means customers exchanged Bitcoin for money, present playing cards, cell 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.
Extra particularly, the latter accused Youssef of shutting him out of the operation, withholding key particulars concerning 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 Community performance set to turn into accessible in just a few weeks.
Civ Package, nevertheless, intends to go additional than Noones and Paxful, enabling anybody to construct a decentralized Bitcoin-based market on high of its ecosystem, Youssef mentioned.
“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.”