Crypto Exchange Binance Integrates With Crypto Marketplace Paxful

News | December 12, 2019 By:

Binance, one of the world’s largest crypto exchanges, has partnered with peer-to-peer bitcoin marketplace Paxful to increase crypto access and liquidity globally.

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, venture capital arm Binance Labs, token sale platform Launchpad, crypto education portal Binance Academy, crypto market analysis Binance Research, Binance Charity Foundation and Trust Wallet, as well as Binance Chain, a blockchain software system.

Paxful is crypto trading platform that aims to bring financial inclusion to the underbanked and unbanked through peer-to-peer finance. Every customer gets a free digital wallet that lets them send, receive, and store bitcoin. They’re cutting out the middleman with their secure escrow service and provide help to their customers with a 24/7 customer support system.

The two companies are working together to increase adoption, scalability, and real-world use cases for the entire cryptocurrency ecosystem. Paxful will serve as the fiat-to-crypto on-ramp for Binance, providing over 300 different methods for purchasing bitcoin to Binance’s global user base. The integration will allow users to utilize Paxful’s peer-to-peer trading network to purchase bitcoin and fund their Binance accounts.

“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,” Binance said in a press release. “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.”

Changpeng Zhao, CEO of Binance, said 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.

“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,” Zhao said.