SUMMARY
Ray Youssef, former CEO of Paxful, has assumed the role of CEO at Noones, a financial communication app with a focus on integrating the Global South into global financial systems. This announcement coincides with the “official launch” of Noones, which has rapidly gained over 400,000 users worldwide within four months of operation. Youssef, known for his experience in the peer-to-peer sector and co-founding Paxful, brings a wealth of expertise to Noones.
Having previously co-authored CivKit, a blueprint for creating censorship-resistant global marketplaces, Youssef emphasizes Noones’ utilization of this open-source protocol. His involvement extends to humanitarian efforts through Built with Bitcoin, which seeks to enhance financial health across African communities using Bitcoin.
Noones, addressing inefficiencies in legacy banking systems, enables users to transact freely and swiftly through peer-to-peer technology. The app operates as a marketplace across 190 countries, facilitating the trade of bitcoin and stablecoins through various payment methods. Its messenger feature serves as the primary platform for peer-to-peer trades.
Expressing a vision for Bitcoin’s role in eradicating poverty and amplifying the Global South’s influence in the financial ecosystem, Youssef outlines Noones’ plans for creating an interoperable Pan-African clearing layer. Notably, the app’s significant user base is concentrated in Nigeria, Ghana, Cameroon, India, and the Philippines.
The context of Youssef’s involvement with Noones follows the closure of Paxful earlier this year amid challenging regulatory conditions. Youssef attributes Paxful’s shutdown to a lawsuit from co-founder Artur Shaback, citing differences in business direction and governance. Youssef plans to re-establish peer-to-peer trading through CivKit, emphasizing a departure from traditional KYC processes. Despite this, Noones currently requires a KYC onboarding process. Shaback reports that Paxful is operational again, led by a Delaware lawyer, and may reconsider the lawsuit in favor of a settlement.
