Cryptocurrency exchange Binance just entered into a strategic partnership with Paxful, a peer-to-peer Bitcoin platform, to improve access to digital assets globally.
Largest cryptocurrency exchange The Binance partnership with famous peer to peer exchange Paxful to provide more fiat currency payment options to its users, reported on December 12, 2019.
Paxful is a Bitcoin peer-to-peer marketplace where buyers and sellers connect. It was launched in 2015 and is based in Wilmington, Delaware.
There are many types of fiat currently supported by Paxful including Russian ruble, Vietnamese dong, Indonesian rupiah, Nigerian naira, Colombian peso, British pound, Mexican peso, Canadian dollars, euros, Argentine pesos.
In other words, Paxful is now another Biniat fiat portal partner, joining the Koinal, Simplex, Paxos, TrustToken, Flutterwave and AdvCash lists. Binance has allowed the purchase of bitcoins through these partners, but Paxful’s support on hundreds of payment methods is the main difference.
In addition, Paxful also accepts many different ways to buy Bitcoin, including bank transfer, credit card, SEPA transfer (from Europe), M-Pesa transfer (from parts of Africa), Paypal and some gift and payment card options. Currently, there are 354 ways to buy Bitcoin on the Paxful platform, including cryptocurrency options. Schaback believes this will help complete the partnership that aims to reach and support an estimated 2 billion unbiased people worldwide.
“Unlike other payment gateways, Paxful supports more than 300 payment methods including local bank transfer, gift cards, and online wallets,” Artur Schaback, Paxful co-founder and COO, told The Block. “This provides an opportunity for those who are not biased and guaranteed to be part of the new ecosystem.”
He further explained that Nigeria, for example, has limited banking rules, so residents of this country can use gift cards to buy bitcoins via Paxful to fund their Binance accounts.
Paxful said it currently supports 167 fiat currencies on its platform, but to integrate Binance, they are currently supporting 10 fiat currencies and may support more currencies in the near future. Paxful charges a margin for transactions that go through the platform; fees vary according to the method of payment.
Cryptocurrency conversion is arguably the most difficult obstacle to accepting cryptocurrencies. By reducing these barriers, Paxful and Binance have set a goal of bringing the general population into a new way of considering money, based on blockchain technology and cryptography.
Binance continues to expand the channels for its fiat port. Currently, there are seven such channels, in addition to the customer-to-customer (C2C) transaction basis.
Previously, Binance added a new fiat payment option. Binance recently acquired the Indian exchange Wazrix to provide more liquidity to users. Binance CEO Changpeng Zhao (aka CZ) announced in a tweet that users can now add INR directly to their Binance account. New INR payment options are available on the Binance platform.
Changpeng “CZ” Zhao, called the partnership with Paxful an important person because a new group of users will have access to alternative payment methods available on Paxful, including wire transfers. Local currencies and some of the world’s most popular digital wallets.
Paxful saw nearly $ 30 million in bitcoin transactions on a peer-to-peer basis last month, according to the announcement. While in the past 12 months, the platform has added more than 800,000 wallets and currently has a total of 3 million wallets.
The platform currently only supports bitcoin on its platform and wants to maintain a Bitcoin-only platform, Schaback told The Block recently, adding: “We believe that there should be only one cryptocurrency to implement the financial revolution.”
In related news, Binance also announced a partnership with cryptocurrency exchange LatamEx today, allowing users to buy four cryptocurrencies – bitcoin (BTC), Binance coin (BNB), ether (ETH). ) and Binance stablecoin (BUSD) – use real Brazilian money (BRL) and Argentine pesos (ARS).
This month, Binance launched a new feature whereby Binance users are allowed to transfer funds between their internal and free Binance accounts without making transactions on the blockchain, as reported on December 2, 2019.
Read more:
- Danish Skat Collects Information And Sends Warning Letters To Crypto Investors Evading Taxes
- Nike Just Patented To Tokenize Shoes On Ethereum Blockchain With Named CryptoKicks