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Paxful Chips Away at LocalBitcoins' Russian P2P Market Dominance
Paxful’s year-old foray into Russian crypto markets is paying off for the peer-to-peer exchange.
By Danny Nelson
Updated Sep 14, 2021, 9:38 a.m. Published Jul 30, 2020, 1:00 p.m.
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Paxful’s year-old foray into Russian crypto markets is bringing more revenue, boosted liquidity and an influx of new users to the peer-to-peer bitcoin exchange as it challenges LocalBitcoins’ regional rule.
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- The exchange said Thursday Russian site usage is up 350% and the number of new Russian users has spiked 364% from spring 2019 through spring 2020. Monthly trading volume for the region now averages around $4 million.
- Anton Kozlov, Paxful’s Russia manager, said the exchange has made a concerted effort since late 2019 to challenge competitor LocalBitcoins’ Russia dominance by adding support staff, partnering with local influencers and establishing a 10-person specialist team.
- LocalBitcoins’ “biggest revenue market is Russia, so Paxful decided as a strategic growth decision to go into Russia as well,” Kozlov said, claiming Paxful’s Russia user base is rising while LocalBitcoins’ growth has stalled following its 2019 know-your-customer policy changes.
- While LocalBitcoins remains by far the strongest player in Russia’s peer-to-peer bitcoin trading scene, with monthly ruble trading volume around $30 million, Kozlov said Paxful will continue to chip away.
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Abu Dhabi wealth funds bitcoin ETF holdings topped $1 billion at end of 2025
Both Mubadala Investment Company and Al Warda Investments lifted investments in BlackRock's iShares Bitcoin ETF (IBIT) in the fourth quarter.
What to know:
- Two major Abu Dhabi investment firms, Mubadala Investment Company and Al Warda Investments, increased their holdings of BlackRock’s iShares Bitcoin Trust (IBIT) in the fourth quarter of 2025 as bitcoin’s price fell.
- Mubadala lifted its IBIT stake to 12.7 million shares and Al Warda to 8.2 million shares.
- Together, they held a combined position that exceeded $1 billion at the end of 2025 but has since declined to just over $800 million amid further bitcoin losses in 2026.
