Bull Bitcoin Becomes the First Exchange to Support Payjoin Privacy Deposits and Withdrawals by Default

Bull Bitcoin, a Bitcoin-exclusive exchange, announced a deep integration with Payjoin, claiming to be the world's first Bitcoin exchange to offer Payjoin as a deposit and withdrawal option, introducing two new concepts: "default Payjoin" and "Payjoin transactions." Founded in 2013 by Francis Pouliot in Canada, it is the longest-operating Bitcoin-exclusive exchange globally, allowing users in Canada, Europe, and Latin America to buy Bitcoin directly into their wallets or sell Bitcoin to their bank accounts through its non-custodial platform. The company has also developed the free and open-source Bitcoin self-custody wallet, BULL Wallet, and has been self-funded since its inception.

Payjoin is an on-chain privacy protocol for Bitcoin that breaks the fundamental assumptions of on-chain analysis companies regarding user behavior, such as the presence of a change output (UTXO) returned to the sender in a transaction. This protocol adds a layer of off-chain coordination, obscuring the amounts sent and returned to protect on-chain privacy without requiring hard or soft forks of the Bitcoin consensus. When users buy and sell Bitcoin on-chain through the built-in exchange, transactions will default to using Payjoin, helping buyers passively aggregate UTXOs in their wallets, reducing future Bitcoin miner fees while shrinking the scale of Bitcoin UTXO sets and alleviating fee pressure for all users.

Payjoin transactions are used to protect users from malicious actors attempting to glean their financial habits through on-chain analysis. Since Bitcoin transaction amounts are public, outsiders may infer personal salaries or investment strategies, and as a non-custodial exchange, each transaction leaves an on-chain trace. In December 2024, BULL Wallet became the world's first wallet to integrate the Payjoin V2 protocol, a project advanced in collaboration with Dan Gould and the Payjoin Dev Kit team, with all related wallet and exchange software being completely free and open-source. Users only need to download BULL Wallet, create an exchange account, and log in through the BULL mobile app, with the rest of the process being automated.

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