Peer-to-peer Bitcoin marketplace Paxful has partnered with South Korean cryptocurrency exchange Bithumb, as both firms look to drive Bitcoin adoption.
The partnership will give Paxful more access to users in Asia, while Bithumb users will benefit from Paxful’s over 300 different ways to buy Bitcoin.
Paxful has 4.5 million users globally and has more payment options to buy Bitcoin than any other platform.
Bithumb currently boasts roughly one million mobile app users and eight million registered exchange users, and has over $4 billion monthly volume.
Both companies are committed to providing opportunities to everyone in the world, and the pooling of resources will ensure benefits reach customers of both platforms.
In the press release, Paxful CEO Ray Youssef said,
‘Paxful is proud to be joining hands with another industry leader whose goal is to remove the barriers for global transactions and bring financial inclusion to everyone. With growing global interest in digital currencies and blockchain technology, this partnership signals a move towards creating a truly global economy.’
South Korea a Key Bitcoin Market for Paxful
The partnership is a way for Paxful to grow its presence globally, and catch its marketplace rival LocalBitcoins in such an important market as South Korea.
Bithumb is South Korea’s main exchange and the Korean Won (KRW) is the fifth biggest national currency/BTC trading pair.
With its customers gaining access to Paxful’s over 300 other ways of buying Bitcoin, it can only expand its operation and help Bitcoin adoption.
Javier Sim, MD of Bithumb Global said, ‘We are pleased to partner with Paxful to provide our users with a fast, secure, and more convenient fiat-to-crypto gateway. This collaboration marks another milestone in our global expansion.’
It’s clear both companies are looking to expand globally, and both will benefit from each other’s infrastructure, especially at a critical time in the evolution of Bitcoin and the digital asset space at large.
South Korea has often been seen as a leader for the crypto space, and during the ICO boom, there were huge crypto stores opening up in the bigger cities.
The government has since taken steps to regulate parts of the crypto space, such as the Initial Coin Offerings (ICO) in an attempt to protect investors there from the scams.
The regulatory crackdown by the government has led to a drop in cryptocurrency interest, but the demand from Koreans, especially wanting to buy Bitcoin, is rising.
Not only the people, but the government is also in the process of creating a Digital Won CBDC.
A recent announcement said its new CBDC was about to undergo a test period, as it aims to beat China and be the first to release a national digital currency.
Paxful and Bithumb Partnership Helps Bitcoin Adoption
The partnership with Paxful and Bithumb can only help Bitcoin adoption. South Korea is somewhat of a walled nation, and the government there is taking a harder stance when it comes to regulating the digital asset space.
That said, it is open to Bitcoin and legitimate cryptocurrencies, and the BTC/KRW trading pair is one of the biggest in the world.
Bithumb has over eight million registered users in South Korea, while Paxful has 4.5 million users globally. But as Paxful P2P rival LocalBitcoins has prospered in South Korea, Paxful has been left behind there.
This partnership should change that as Paxful looks to grow its presence in every global market.
The main beneficiary, however, will be Bitcoin as both platforms combine to drive adoption.
Author: Tommy Limpitlaw
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.
