Paxful and Binance partnership to increase the access and liquidity of cryptos globally

Paxful will serve as a fiat-to-cryptocurrency on-ramp for Binance, providing numerous payment methods for purchasing bitcoin to Binance’s global user base

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Ray Youssef, CEO and co-founder of Paxful pose with beneficiaries of the Paxful Education program

Binancen has announced a partnership deal with Paxful, to provide financial inclusion around the globe.

Starting immediately, Paxful- a peer-to-peer bitcoin (BTC) marketplace and web-based Virtual Bitcoin Kiosk – will be integrated and directly available on the Binance platform for new and existing Binance users. Binance is a leading global cryptocurrency exchange by trading volume and users.

“Paxful is proud to be partnering with Binance in our joint efforts to bring bitcoin to the masses,” said Ray Youssef, CEO and co-founder of Paxful. “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.

The integration will now allow Binance users to utilize Paxful’s peer-to-peer trading network directly on Binance.com to purchase BTC with 167 various fiat currencies including the Russian Ruble (RUB), Vietnamese Dong (VND), Indonesian Rupiah (IDR), Nigerian Naira (NGN), Colombian Peso (COP), British Pound (GBP), Mexican Peso (MXN), Canadian Dollar (CAD), Euro (EUR), Argentine Peso (ARS)–into their accounts.

Paxful’s Virtual Bitcoin Kiosk grants users the ability to match instantly with sellers that meet the criteria of their trading needs based on currency and payment method. The integration will also allow users to make payments via Paxful on the Binance platform.

Binance customers will have access to numerous new payment options to choose from while Paxful’s existing customers will gain direct access to the digital asset trading platform. The integration will be available for purchasing BTC with RUB, VND, IDR, NGN, COP, GBP, MXN, CAD, EUR, ARS to commence with the possibility of expanding into additional currencies in the near future.

“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, said CZ (Changpeng Zhao), CEO of Binance. “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.”

A pivotal time for the cryptocurrency industry, Paxful and Binance, two leading industry platforms are focused on reaching and aiding in the financial equipment of an estimated 2 billion people worldwide who are unbanked. Paxful has seen nearly USD$30 million in peer-to-peer BTC trades in November, while the first week in December saw bitcoin futures trading volumes double in 24 hours on Binance with trading volumes rising from $980 million to a peak of $2.2 billion.

 

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