Binance, one of the biggest cryptocurrency exchange platforms in the world, has announced a new way for customers who want to buy crypto using fiat. The exchange has now partnered with peer-to-peer (P2P) crypto trading service Paxful, which will serve as fiat-to-crypto on-ramp.
At the moment, Binance allows crypto to be bought with just a handful of fiat currencies including the Nigeria Naira, Russian Ruble, Mexican Peso, Euro, British Pound, Vietnamese Dong, and the Indonesian Rupiah. This new partnership with Paxful will now allow crypto purchases using 167 fiat currencies.
Speaking on the feature, Binance CEO Changpeng Zhao says the deal is just one way for Binance to make crypto purchases easier.
“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…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.”
Paxful has joined a list of Binance partners that offer fiat gateway services. This list already includes Flutterwave, AdvCash, Paxos, Koinal, TrustToken, and Simplex. Paxful’s option, however, allows several payment methods.
Speaking to The Block, Paxful COO and cofounder Artur Schaback said that:
“Unlike other payment gateways, Paxful supports more than 300 payment methods including local currency bank transfers, gift cards, and online wallets. This gives an opportunity for the unbanked and underbanked to be part of a new ecosystem.”
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