Binance has announced a strategic partnership with Paxful to facilitate access to cryptocurrencies and increase the liquidity of the global crypto market.
In fact, thanks to this partnership, Paxful will act as a fiat-to-crypto service for the exchange, providing numerous payment methods for the purchase of bitcoin on Binance.
More specifically, Paxful’s web-based Virtual Bitcoin Kiosk will be integrated into the Binance platform so that it will be available directly to the users of the exchange.
This integration will allow Binance users to use Paxful’s peer-to-peer trading network to buy Bitcoin (BTC) with 167 different fiat currencies, including Russian Ruble (RUB), Colombian Peso (COP), Mexican Peso (MXN), Canadian Dollar (CAD), Argentine Peso (ARS), Vietnamese Dong (VND), Indonesian Rupee (IDR), Nigerian Naira (NGN), and many more.
The Virtual Bitcoin Kiosk allows an immediate and P2P exchange of bitcoin with fiat currency, and will also allow payments through Paxful on the Binance platform.
On the one hand, this will allow exchange users to have access to numerous new payment options, while on the other, it will give Paxful customers direct access to the digital asset trading platform.
Paxful’s goal is to make it easy and secure to buy and sell bitcoin with fiat currencies and to extend financial inclusion to underbanked and unbanked people using peer-to-peer financing.
In November alone, it recorded nearly $30 million in BTC P2P trading.
Paxful’s co-founder and CEO, Ray Youssef, said:
“Paxful is proud to be partnering with Binance in our joint efforts to bring bitcoin to the masses. They share our passion and vision for the global crypto economy and we’re excited to see how this union will spur more financial access, and, consequently, opportunities, for people everywhere”.
Binance‘s CEO, Changpeng CZ Zhao, added:
“This marks a significant partnership between a crypto exchange and peer-to-peer platform where a new pool of users will have access to alternative fiat payment methods available on Paxful, including local currency bank transfers and some of the world’s most popular digital wallets. As one of the sole exchanges offering this service with Paxful’s integration to our users, we are looking forward to seeing new possibilities arise by providing more fiat-to-crypto options to the mainstream”.