The world’s largest Bitcoin futures exchange, OKEx has partnered with leading peer-to-peer Bitcoin marketplace, Paxful, with an aim of promoting crypto adoption.
According to the press release, the partnership will allow OKEx to integrate Paxful Kiosk into the platform, providing users with access to a variety of payment methods and advanced trading tools.
Paxful to Open Up Multiple Payment Onramps in Developing Markets for OKEx
Paxful supports Bitcoin purchases through more than 160 different fiat currencies, and will act as a key fiat-to-bitcoin onramp for OKEx.
Supported payment methods for purchasing Bitcoin on Paxful include bank transfers, domestic wires, online wallets, and even gift cards, and this feature integrated into OKEx will be vital to helping the derivatives exchange onboard users worldwide.
The partnership with Paxful is expected to open many developing regions to OKEx, including India, Indonesia, Nigeria, Turkey, Russia, and Argentina.
The integration of Paxful’s infrastructure will help OKEx users to instantly match with sellers based on their trading needs, and will open a much wider market that is open to many other forms of payment.
Speaking of the partnership, OKEx CEO 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.’
Paxful Users to Have Multiple Trading Options for First Time
As well as the payment options, it will give 100 million users on both platforms exposure to higher liquidity, cold storage features, and a wider suite of trading products and tools.
On Paxful’s side it’s believed it will open up the marketplace, which has been limited to Bitcoin trading for fiat mostly.
By integrating OKEx infrastructure, the Bitcoin marketplace will have access to OKEx’s sophisticated trading options and its users will be able to spot, margin, and futures trading.
Paxful will also be able to take advantage of options trading through OKEx’s DEX, thus offering its users new possibilities in the derivatives markets that were not previously available before.
Speaking of the partnership, Paxful CEO 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.’
OKEx is a growing giant in the cryptosphere, and Paxful has the widest onboarding facilities in crypto. The partnership is perfect for both companies, and will benefit users of both platforms.
By augmenting each other’s infrastructure, the partnership between the two cryptocurrency platforms is a win-win scenario and will no doubt add value to both companies.
Author: Pablo Clarke
A Bitcoiner since 2017 and a Bitcoin Maximalist since 2018, Tommy is our main writer and editor at Bitcoin Maximalist. Other than researching and writing about Bitcoin, Tommy loves spending time with his family and supporting his beloved Leeds United.