Ray Youssef Appointed as CEO of Noones
Ray Youssef, an industry veteran with extensive experience in the peer-to-peer sector, has been named the CEO of Noones, a financial communication app that aims to connect the Global South to the world’s financial systems using peer-to-peer technology. Youssef co-founded Paxful, a popular bitcoin trading platform, before his relationship with his co-founder broke down. He also helped develop Built with Bitcoin, a humanitarian organization that uses Bitcoin to improve the financial health of communities in Africa.
Noones’ Official Launch
Youssef’s appointment marks the official launch of Noones, which has already gained over 400,000 users worldwide in under four months. The app targets the inefficiencies of traditional banking systems and allows users to transact more freely and quickly using peer-to-peer technology. It offers a marketplace where users can trade bitcoin and stablecoins using over 400 payment methods and a messenger for peer-to-peer trades. Noones plans to introduce wallet functionality for bill payments in collaboration with top African vendors.
Paxful Implosion and Youssef’s Connection to Noones
Paxful, founded in 2015, reached $5 billion in total volume traded on the platform in 2021. However, it shut down its marketplace in April this year due to challenging regulatory conditions. Youssef claims that a lawsuit filed by his co-founder drove away the senior-level team and led to Paxful’s closure. He migrated Paxful’s IP, userbase, wallet history, and passwords to Noones. Despite their differences, Youssef plans to reopen peer-to-peer trading through his CivKit initiative.
Hot Take: Bitcoin’s Potential for Financial Empowerment
Ray Youssef is passionate about Bitcoin’s potential to eradicate poverty and give a voice to the Global South in the financial ecosystem. He believes that new financial tools, like Noones, create unprecedented opportunities and empower people in ways never seen before. With Noones’ official launch, Youssef aims to create an interoperable Pan-African clearing layer that will boost intra-African trade and promote prosperity across the continent.
Theon Barrett shines as a distinguished crypto analyst, accomplished researcher, and skilled editor, making significant strides in the field of cryptocurrency. With an astute analytical approach, Theon brings clarity to intricate crypto landscapes, offering insights that resonate with a broad audience. His research prowess goes hand in hand with his editorial finesse, allowing him to distill complex information into accessible formats.