Binance Joins with Paxful in String of Fiat Gateway Partnerships

Binance has also recently formed partnerships with Advcash & Papara, and has acquired WazirX to build fiat-to-crypto gateways.

Malta-based cryptocurrency exchange Binance, which is the world’s largest cryptocurrency trading platform by number of users and trading volume, is announcing a strategic partnership with Estonian peer-to-peer Bitcoin marketplace Paxful.

As of today, Paxful’s Virtual Bitcoin Kiosk will be integrated into Binance, allowing Binance users to utilize Paxful’s p2p network to buy Bitcoin on Binance with 167 various fiat currencies.

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These include 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), and the Argentine Peso (ARS).

Binance also recently opened fiat gateways Indian Rupee, Turkish Lira

The partnership between the two platforms follows a series of clear efforts toward the expansion of fiat-to-crypto gateway options from Binance.

The exchange recently announced its acquisition of India-based cryptocurrency exchange WazirX, opening up an Indian Rupee (INR) fiat gateway.

In November, Binance also partnered with payments service Papara to offer deposits and withdrawals of the Turkish lira (TRY), and with Advcash to offer deposits and withdrawals of Euros (EUR), Russian Rubles (RUB), Ukrainian hryvnia (UAH) and Kazakhstani Tenge (KZT.) The same week, Binance announced that it would be integrating stablecoin issuer Paxos’ fiat gateway.

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Earlier this week, Binance’s fiat gateway partner Simplex added support for two new currencies, the Japanese Yen (JPY) and Canadian Dollars (CAD).

According to the announcement, the integration will also allow users to make payments through Paxful on the Binance platform.

Building the global crypto economy

CZ (Changpeng Zhao), CEO of Binance, said in a statement that the collaboration “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.”

Changpeng Zhao, CEO & Co-Founder of Binance
Changpeng Zhao, CEO of Binance. Source: LinkedIn

“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.”

Ray Youssef, CEO and co-founder of Paxful, said that his company was “proud” to be partnering with Binance, and that the exchange “[shares] 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.”

Ray Youssef CEO of Paxful
Ray Youssef, CEO and co-founder of Paxful.
Source: Brave New Coin

In early November, Paxful announced a partnership with Bspin, an online crypto betting platform.

Later the same month, the firm launched the “Paxful Peer Program,” an entrepreneurial program with the mission is to conceive leaders worldwide who are committed to providing ground support in new markets, particularly in spreading peer-to-peer and cryptocurrency knowledge to interested parties.

 

 

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