Paxful sees breakthrough advancements in AI-powered safety, security & support for P2P crypto

Peer-to-peer pioneer Paxful is leading the cryptocurrency industry in adopting GPTs and AI agents to bring money movement into the future for 14 million users across the Global South

WILMINGTON, Del., Oct. 22, 2024 /CNW/ -- Paxful, the pioneering global payments marketplace that ignited the people-powered money movement in 2015, is once again advancing peer-to-peer trading. By integrating industry-first AI solutions trained on nine years of proprietary data, Paxful is reshaping safety, security, and support. 

These AI-powered developments upgrade the platform to improve trade speeds, accelerate dispute resolution and strengthen compliance measures - ensuring a safer, more efficient, and personalized marketplace.

Bringing P2P into the future

By leveraging expert-guided reinforcement learning and the rich dataset from past trades and support interactions, Paxful has developed internal LLMs that are disrupting how modern peer-to-peer trading is done. 

1. Paired human and AI trade moderation has eliminated certain fraud issues almost categorically, with up to 90% better reduction in known scam patterns.
2. Live chat support, again pairing human experts with AI agents, has cut down dispute times by 4 hours across all incoming issues, to 2.3x faster than industry average.
3. Rapid week-on-week accuracy improvements in automation across compliance, marketplace safety, and dispute resolution approaching +90%. 

Roshan Dharia, CEO of Paxful, said, "Paxful has been a cryptocurrency pioneer since 2015. Now, our LLM models trained on nearly a decade of trade data, learning alongside expert global staff, are bringing Paxful into the future. AI is already helping us keep Paxful users safe and happy while also making our business more efficient - and there's so much yet to come."

New Technology, New Talent, New Standards

Paxful's growing senior executive team are all leading the adoption of this technology, including in Compliance, which sees it driving improvements in areas like identity management, transaction monitoring, and general fraud prevention.

Manfred Bekeris, Paxful's Chief Compliance Officer with 14 years of compliance experience across Web3 and traditional finance, adds, "By integrating cutting-edge AI and expert-driven insights, we're strengthening trust and safety for P2P traders worldwide. These advancements not only safeguard users but also enhance the overall platform integrity, allowing compliance to benefit from a more secure and efficient marketplace."

Contacts: 

Shachi Singh
[email protected] 
[phone]

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SOURCE Paxful