Strategic Partnership: Paxful Gets Integrated Into Binance’s Platform

A new strategic partnership between Binance and Paxful has just been announced and it will see the peer-to-peer bitcoin marketplace serve as a fiat-to-crypto on-ramp for the powerhouse exchange as we are reading further in our Binance news.

Paxful’s Virtual Bitcoin Kiosk portal will be integrated into the exchange and directly available on the Binance platform for both new and existing users. The goal is to provide customers with a lot of fiat payment methods to access Binance. Paxful accepts a lot of payment methods when it comes to purchasing bitcoin including credit card, bank transfer, SEPA, PayPal and M-Pesa transfer for parts of Africa. There are also a lot of gifts and payment card options. There are more than 354 ways to purchase Bitcoin on the platform including the crypto options. The new strategic partnership will serve customers around the world and as we can read from the official blog post, CEO Ray Youssef explained:

 “Paxful is proud to be partnering with Binance in our joint efforts to bring bitcoin to the masses. They share our passion and vision for the global crypto economy and we’re excited to see how this union will spur more financial access, and, consequently, opportunities, for people everywhere.”

The partnership shows that both of the companies are committed to providing banking services to the unbanked through cryptocurrencies and expanding the crypto user base. The interface between fiat and crypto has always been a rather complicated one mainly because of the credit card and bank services in the face of the potential for a major disruption of the highly profitable finance models that the banks have.

There are about two billion people that are unbanked or underbanked and the majority of the people are in the developing world. Compliance costs make the entire process of opening accounts at traditional banks for low-income earners extremely not worthwhile from a bank’s perception. The unbanked are placed at a major social disadvantage without the possibility to safely store their money or even pay for goods and services. The fiat-crypto on-ramping has been the most pressing issue for crypto adoption. By reducing these barriers, Paxful and Binance will usher the general population into a new financial paradigm that will be based on the blockchain technology.