The Binance exchange and the Paxful peer-to-peer (P2P) trading platform, both known to the crypto industry, have teamed up to bring Bitcoin to the masses.
The partnership will allow Binance users to use Paxful’s platform to purchase 10-currency Bitcoin (BTC) directly from Binance.com. These are 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) and argentine peso (ARS).
In other words, Paxful is now Binance’s newest fiduciary gateway partner, joining the list with Koinal, Simplex, Paxos, TrustToken, Flutterwave and AdvCash. Binance already allows Bitcoin to be purchased through these partners, but Paxful’s support of hundreds of payment methods is a key differentiator.
“Unlike other payment methods, Paxful supports more than 300 payment methods, including local currency bank transfers, gift cards and online wallets,” Paxful co-founder and COO Artur Schaback told the website. The News.
He also explained that Nigeria, for example, has restrictive banking rules so that residents of this country can use gift cards to buy Bitcoin via Paxful to fund their Binance accounts.
Paxful said it currently supports 167 fiduciary currencies on its platform, but for integration with Binance, it is currently supporting 10 fiduciary currencies and could add support for more currencies “in the near future”. Paxful charges a deposit fee on transactions that pass through the platform; Fees vary by payment method.
Binance continues to expand channels for its fiduciary gateway. There are currently seven such channels.
Changpeng “CZ” Zhao, Binance’s CEO, called the partnership with Paxful “significant” because “a new group of users will have access to alternative Paxful fiduciary payment methods”.
Paxful saw nearly $ 30 million in Bitcoin trading in my P2P market last month, according to the announcement. Over the past 12 months, the platform has added over 800,000 portfolios and now serves a total of 3 million portfolios.
Currently, the platform only supports Bitcoin and wants to continue that way, Schaback said, adding:
“We believe there must be only one cryptocurrency to make the financial revolution.”
This Thursday, December 13, Binance announced the launch of a partnership to accept fiduciary currencies in Latin America. The Latamex platform, part of Binance Fiat Gateway (Binance’s initiative to accept fiduciary currencies), will allow Brazilians to buy cryptocurrencies in exchange directly using Reais. The initiative comes in partnership with Settle Network, a company that provides infrastructure to enable interoperability between the traditional and digital finance world.
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