A peer-to-peer Bitcoin marketplace that offers more than 300 ways to buy Bitcoin has announced it is being integrated into BitMart, a global digital asset trading platform.
Paxful enables its users to purchase Bitcoin using bank transfers, debit cards, online wallets like PayPal and an array of gift cards — including well-known brands such as Amazon, iTunes, Google Play and Steam Wallet. Many of these payment methods enable consumers to access the cryptocurrency instantly.
The platform has now entered into a joint venture with BitMart, a digital asset trading platform with a global user base of more than 700,000 people, which says it is passionate about “joining the fast-growing peer-to-peer financial revolution.” As a result of the partnership, BitMart users will be able to make payments using Paxful’s technology without paying listing fees, while Paxful users will have the opportunity to convert their Bitcoin into other cryptocurrencies through the exchange.
“A pivotal time for the crypto community”
Both companies say they hope to increase liquidity and scalability through their partnership — with Paxful focused on reaching emerging markets and the estimated 2 billion people worldwide who are unbanked. This emphasis on accessibility has been complemented through a free Bitcoin wallet, guiding users through the process of sending, receiving and storing Bitcoin.
Ray Youssef, the CEO and co-founder of Paxful, said: “We’re excited to integrate with BitMart in efforts to bring more trading options to emerging markets. It has always been our mission to provide financial freedom worldwide and we see this as the next big step in the financial revolution.”
Sheldon Xia, the founder and CEO of BitMart, believes the collaboration will help the company fulfill its mission of providing a “convenient and secure financial service in the crypto market.” He added: “By offering users with more payment options, BitMart aims to lower the barriers to entry for new adopters of digital currency investment. An integration with a revolutionary company such as Paxful allows us to bring digital asset trading to those who would otherwise not have had the access.”
Growing demand
As reported by Cointelegraph, Paxful has reported growing demand for its service in recent months. Despite Bitcoin prices tumbling by 80% compared with the dizzying highs of almost $20,000 seen in December 2017, the volume of transactions on its platform has increased substantially — rising by 130% in Africa alone to an average of 17,000 trades on a daily basis. Difficulties in obtaining bank accounts on the continent, when combined with the impact that hyperinflation and political instability have had on African currencies, may have been a factor in the burgeoning interest that cryptocurrencies have been experiencing.
The partnership could see Paxful’s profile grow considerably — as at the time of writing, BitMart was the 17th-biggest crypto exchange in terms of trade volume on CoinMarketCap.
BitMart currently hosts 233 trading pairs and claims to offer the lowest withdrawal fees when compared with other mainstream exchange platforms. It says its user base spans more than 180 countries, with a 24/7 customer service team ensuring that support is available for consumers in every time zone. Its platform is also available in a multitude of languages, including English, Chinese, Japanese, Vietnamese and Russian.
In describing what they hope the integration to achieve, both companies said they aim to provide “education, opportunities and allow the unbanked, underbanked and overbanked to participate in a growing peer-to-peer financial ecosystem.”
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