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Paxful

Goals

For an interview it is necessary to understand the business model, work-life balance and mission of Paxful. Also, information on cryptocurrency in general is needed and how Paxful fits into the bigger picture.

Early Findings

Mission

Business Model

  • Paxful allows its customers to buy bitcoins using different payment methods. Some methods mentioned are bank transfers, gift cards (from Amazon, Steam Wallet, Google Play, iTunes, eBay), online wallets, cash, debit and credit cards, and digital currencies. In total the company offers 351 payment methods.
  • Paxful also helps customers sell and spend the bitcoins purchased through its platform by bringing them in contact with those persons wishing to purchase bitcoins (or Bitcom Traders).
  • Paxful requires a fee for these transfers. The company charges vendors an escrow fee for escrow based trades. Users can create a wallet for free, but the company charges fees for its services.
  • The company does not charge a fee to customers buying bitcoins. It does, however, charge a fee to customers selling bitcoins and the fee depends on the payment method. When using bank transfers the fee is 0.1%, for credit/debit cards the fee is 1%, when using digital currencies the fee is 1%, for online transfers the fee is 1%, for cash deposits the fee is 1%, for gift cards the fee is 5% for iTunes and Google Play and 2% for every other gift card.
  • The company charges "a flat wallet send out fee of 0.0005 BTC for every send out from the wallet to an external Bitcoin address".
  • The company allows the first five internal bitcoin transfers per month between its customers to be free of charge. "After that, a fee of $1.00 or 1% of the sending amount, whichever is greater, will be applied to each transaction sent to another Paxful customer."

Work Life Balance

  • While Paxful does not mention the topic of work-life balance on its "Careers" page, comments from employees on Glassdoor suggest the work-life balance is great.
  • Quotes from employees on Glassdoor include: "A company that understands work-life balance," "Awesome company that’s challenging and rewarding!! Great work life balance and benefits," and "work life balance and managers that care about employees."
  • On its careers page, the company positions itself as providing "social justice through financial freedom" and highlights giving back to the community and making "real sustainable change in the world."

Summary of Findings

  • In the initial hour of research, information on Paxful's mission, its business model, and work-life balance was found.
  • While employees mention that there is a great work-life balance, no specific information is given on what benefits the company provides that enable a great work-life balance.

Proposed next steps:

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