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
December 12, 2019 — Binance, the leading global cryptocurrency exchange by trading volume and users, today announced its partnership with Paxful, a peer-to-peer bitcoin (BTC) marketplace that aims to provide financial inclusion around the globe. Starting today, Paxful’s web-based Virtual Bitcoin Kiosk will be integrated and directly available on the Binance platform for new and existing users.
The integration will allow Binance users to utilize Paxful’s peer-to-peer trading network directly on Binance.com to buy Bitcoin (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), United States Dollar (USD)–into their accounts. The Virtual Bitcoin Kiosk grants users the ability to match instantly with sellers that meet the criteria of their bitcoin trading needs based on currency and payment method. The integration will also allow users to make payments via Paxful on the Binance platform.
“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.”
Customers of Binance 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 to buy Bitcoin (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 saw nearly USD$30 million in peer-to-peer BTC trades in November, while the first week in December saw BTC futures trading volumes double in 24 hours on Binance with trading volumes rising from $980 million to a peak of $2.2 billion.
Paxful’s mission is to give people a simple, fair, and secure platform for buying and selling bitcoin. They aim to bring financial inclusion to the underbanked and unbanked through peer-to-peer finance. Every user gets a free digital wallet that lets them send, receive, and store BTC. The P2P marketplace cuts out the middleman with their secure escrow service and has a 24/7 customer support system dedicated to resolving issues for their users.
Binance is a blockchain ecosystem comprised of several arms to serve the greater mission of blockchain advancement and the freedom of money. The Binance ecosystem is comprised of Binance Exchange (the leading global cryptocurrency exchange), Labs (venture capital arm and incubator), Launchpad (token sale platform), Academy (crypto education portal), Research (crypto market analysis), Charity Foundation (blockchain-powered donation platform and non-profit for aiding in sustainability) and Trust Wallet (Binance’s official crypto wallet and dApps browser), as well as Binance Chain, a blockchain software system developed by Binance and the community.