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Binance, Paxful announce ‘strategic partnership’ to improve digital asset accessibility

Biraajmaan Tamuly

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Source: Pixabay

Binance, one of the world’s largest cryptocurrency exchanges, has entered into a strategic partnership with Paxful, a peer-to-peer Bitcoin platform, to improve accessibility to digital assets across the globe.

The Changpeng Zhao-led exchange has been extremely active in its quest to increase crypto-adoption and facilitate better liquidity in the industry. The present development is yet another step forward in this direction.

According to a press release shared with AMBCrypto, the current partnership will allow the exchange’s user to acquire Bitcoin via Paxful’s trading network, directly from Binance’s native platform with the availability of various fiat currencies such as Russian Ruble (RUB), Mexican Peso (MXN), Argentine Peso (ARS), etc. Also, Paxful’s virtual Bitcoin Kiosk would reportedly allow users to match quickly with other consumers that attain the criteria for their Bitcoin trading in terms of currency and payment methods. Paxful’s existing customers would also get complete access to Binance’s cryptocurrency trading platform.

Ray Youssef, Co-founder of Paxful, spoke out about the partnership and said,

“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.”

Source: Arcane Research

Paxful was also one of the projects discussed by a recent research report. According to a report by Arcane Research, Paxful’s trading volume has been steadily increasing over the past couple of months, after registering approximately $25 million worth of BTC transactions every week in October. In November, the trading volume recorded was almost $30 million per week.

Binance had a relatively lucrative period as well after the exchange recently doubled its Bitcoin Futures trading volume in 24 hours, to $2.2 billion from $980 million in the first week of December.

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Biraajmaan is a full-time journalist at AMBCrypto covering the US market. A graduate in Automobile engineering, he writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.

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