The popular cryptocurrency derivatives and spot trading platform, OKEx has entered into a strategic partnership with Paxful, leading P2P Bitcoin marketplace to promote cryptocurrency adoption. According to the company’s announcement, this partnership will allow OKEx to integrate Paxful Kiosk into the platform, which will provide users with access to a variety of payment methods and advanced trading tools.
Paxful is known for its fiat-to-bitcoin exchange capabilities, as the platform supports cryptocurrency purchases with more than 160 different fiat currencies. Through this integration, Paxful will act as a key fiat-to-cryptocurrency on-ramp for OKEx, enabling the trading platform’s users to purchase Bitcoin using different fiat payment methods. This feature will play a crucial role in onboarding people who are new to cryptocurrencies by enabling them to purchase BTC using their local currency and even use it to start trading on OKEx. Some of the supported payment methods for purchasing cryptocurrency on Paxful include bank transfers, domestic wires, online wallets, gift cards and more.
While mentioning the partnership, the CEO of Paxful Ray Youseff said, “At Paxful, one of our goals is to help grow the crypto community. We admire OKEx’s work and know that our values and strategy are aligned. With this partnership, we hope to continue to build up the ecosystem together and make crypto more accessible as a real-world payment method.”
The integration of Paxful with OKEx will also help users instantly match with sellers based on their trading needs, in terms of currency and payment methods on any of the two platforms. It is expected to benefit at least 100 million users, both in terms of payment options and exposure to high liquidity, cold storage features, and a vast suite of trading products and tools.
It is a welcome development that could encourage more people to start trading cryptocurrencies as a majority of the Paxful users have so far confined their operations to exchanging fiat to bitcoin and vice versa. Now, they can access sophisticated trading options made available by OKEx and indulge in spot, margin, and futures trading.
While touching upon the subject of extending the platform’s reach through on-ramp options, CEO of OKEx Jay Hao said, “We’re extremely enthusiastic about our partnership with Paxful as one of the most widely used and respected peer-to-peer BTC marketplaces. We’re firm believers in collaboration at OKEx and understand that we must work together to onboard more people to cryptocurrency. No one should work as an isolated island. The benefits of this partnership are huge, both for Paxful and OKEx users. Together, we can reach and give more options to at least 100 million users.”
The Paxful partnership is expected to propel OKEx into many developing regions in the world, including countries like India, Indonesia, Nigeria, Turkey, Russia, and Argentina, all of which have a rapidly growing cryptocurrency market. The strategic partnership between OKEx and Paxful will add value to both the companies by augmenting each other’s offering, creating a win-win scenario.
Learn more about the OKEx-Paxful partnership here.