- Around 167 fiat currencies will be open to Binance’s customers.
- The alliance between the two companies follows a series of transparent efforts to expand the options for the fiat-to-crypto gateway from Binance.
- They envision a global cryptocurrency market and they look forward to the various opportunities this partnership will bring to people around the world.
Cryptocurrency exchange Binance has announced its alliance with peer-to-peer (P2P) trading platform Paxful to take bitcoin to crowds. 167 fiat currencies including 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) will now be at the disposal of Binance users using Paxful’s technology on Binance’s platform itself.
The alliance between the two companies follows a series of transparent efforts to expand the options for the fiat-to-crypto gateway from Binance.
The company recently proclaimed its takeover of the India-based cryptocurrency exchange WazirX, presenting the Indian Rupee (INR) Fiat Gateway.
In November, Binance also partnered with the payment service Papara to offer deposits and withdrawals of the Turkish lira (TRY) and Advcash to provide deposits and withdrawals of Euros (EUR), Russian Rubles (RUB), Ukrainian hryvnia (UAH) and Kazakhstani Tenge (KZT). In the same week, Binance announced the integration of the stablecoin issuer Paxos’ fiat gateway.
Alliance to bring Bitcoin to the Masses
Ray Youssef, Paxful’s founder, and CEO, said that they are proud of their partnership with Binance and the initiative to make bitcoin more available and accessible to the masses. Paxful believes that Binance, like them, envisions a global cryptocurrency market, and they look forward to the various opportunities this partnership will bring to people around the world.
Additionally, Changpeng “CZ” Zhao, the CEO of Binance, said this is an essential partnership between a peer-to-peer platform and a crypto exchange and that this will increase access to alternative fiat payment methods including bank transfers in local currency and digital wallets, all of which Paxful has access to.
They are interested to see the outcome of the massive new possibilities that arise with more fiat-to-crypto options provided and made accessible to the masses.
Paxful has been very aware of its necessity to remain licensed and regulated in the tightly regulated market for American monetary services. Binance took a completely different approach, leaving mainland China when the rest of it became unsustainable, finally setting up shop in Malta.
Paxful swam in dangerous waters while dealing with the authorities in their jurisdiction. Binance moved to where they were accepted and willing to do business. Yet both firms have become proud custodians of the promising new crypto financial world, both taking leadership positions in the burgeoning industry.