Ray Youssef, the former CEO of Paxful, formerly the leading P2P platform in Africa, has been named the CEO of Noones, regarded as a financial communication app with the goal of integrating the Global South into the global financial systems.
Retirement after orange pilling 13 m people would have been nice but the opportunity to shake up the world is too great.
I’m back. A small lean team from the Global South in the Global South with our corp HQ in the heart of Africa is the way!
Let’s build our own Amazon’s,… https://t.co/V4IpjNPUXD
— Ray Youssef (@raycivkit) December 4, 2023
Youssef’s appointment also signifies the ‘official launch’ of the Noones app, which has rapidly gained over 400,000 users worldwide in just under four months of operations, as reported by the platform.
According to the team, the platform empowers users to transfer money freely and swiftly, circumventing the challenges and delays often associated with traditional banking and financial institutions.
Its underlying business philosophy is centered on the conviction that peer-to-peer represents the world’s only genuine free market, and Bitcoin stands as the new global financial architecture, positioned to uplift the people of Africa, Latin America, and Southeast Asia.
Noones’ primary markets thus far include:
- Nigeria
- Ghana
- Cameroon
- India, and
- The Philippines
The platform has amassed over 400,000 users globally and has achieved profitability in just under four months of operation.
The Noones app, available on Google Store, comprises three main components:
- A marketplace where users from 190 countries can buy or sell Bitcoin and stable coins with over 400 payment methods available (including gift cards, mobile money, bank transfers and other cryptocurrencies.
- A wallet which acts as a store of value
- A messenger where the majority of peer-to-peer trades take place
“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,” said Ray Youssef.
“The internet, mobile phones, and a wave of disruptive startups failed to truly disrupt money. At Noones, we believe that finishing Bitcoin is the way. New financial tools are creating unprecedented, borderless opportunities and these tools empower and will continue to empower the people in ways never seen before.”
Meanwhile, after suspending its marketplace activities briefly in April 2023, Paxful, the peer-to-peer (P2P) Bitcoin (BTC) trading platform, went back online in March 2023, and is currently under new management with reported financial challenges.
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