Former Paxful Top Executive Ray Youssef Joins Rival P2P Platform Noones as CEO

Former Paxful Top Executive Ray Youssef Joins Rival P2P Platform Noones as CEO

Ray Youssef, the former CEO and founder of the peer-to-peer (P2P) bitcoin trading platform Paxful, has been appointed the chief executive officer of the P2P financial communication app Noones. Youssef also reiterated his belief that bitcoin will play a role in promoting Africa’s prosperity.

Noones Targeting the Global South

Ray Youssef, one of the founders of Paxful, has been appointed as the chief executive officer at the peer-to-peer bitcoin marketplace Noones. Youssef, who left Paxful in April, is expected to spearhead the young firm’s ambitious goal of garnering a billion bitcoin users in the next seven years.

Youssef’s return as CEO of a rival P2P platform has come at a time when he is still locked in a legal dispute with his fellow founder at Paxful. Unconfirmed reports suggest that several former Paxful employees already work at Noones.

According to one report, Noones currently counts Nigeria, Ghana, Cameroon, India, and the Philippines as its biggest markets. It has also accrued over 400,000 users from 190 countries in four months.

Meanwhile, since leaving Paxful, Youssef has repeatedly touted Noones’ credentials as a better P2P platform. He has also championed the cause of the so-called “global south.” Commenting on his return as Noones’ CEO, Youssef said this position allows him to complete a goal he set almost a decade ago. He also reiterated his belief that bitcoin will play a role in promoting Africa’s prosperity.

“Our first major goal will be to create an interoperable Pan-African clearing layer taking intra-African trade from the single digits to levels comparable to intra-European trade. Africa alone has the potential to make Noones a trillion-dollar company, but when you factor in the rest of the global south, the sky’s the limit,” Youssef said.

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