OKEx Closes Partnership with Paxful to Enable Fiat On-Ramps
Famous crypto exchange OKEx and peer-to-peer (P2P) marketplace Paxful have just closed a new partnership to offer its customers new fiat on-ramps.
In a statement from Monday, Paxful said the new move will also bring benefits to its own users, as it provides ease of access and better liquidity. As per the same statement says, Paxful will also provide for OKEx a fiat-to-crypto ramp, meaning its customers will be able to buy Bitcoin (BTC) with more than 160 currencies, the Euro, the Indian Rupee, the Pound Sterling and the Thai Baht included. Here’s what Paxful’s co-founder and CEO, Ray Youssef, had to say about the new move:
“With this partnership, we hope to make crypto more accessible as a real-world payment method.”
Paxful Users to Operate on the OKEx Options Trading and DEX Platforms
Paxful further said the partnership will as well enable its users to use the OKEx trading options and DEX platforms. Jay Hao, the CEO of OKEx, had this to say about the new agreement with the P2P marketplace:
“Through this partnership, we can reach more users in developing regions using Paxful’s existing infrastructure and payment options.”
Paxful to Push into the Southeastern Asian Market
When it comes to Paxful’s plans for the future, these are about pushing into new markets. Artur Schaback, the co-founder of Paxful, said his company is looking into several Southeastern Asian countries such as Singapore, Malaysia and Indonesia. As per data from Useful Tulips, a well-known analytics firm, the trading volume at Paxful in Southeast Asia has been considerably growing over this past year.
Schaback further admitted that regulations are and will always raise concerns, seeing Paxful announced Wednesday on Twitter that it no longer conducts transactions through or with the Bank of Venezuela, which is state-owned, as a result of US sanctions.