Major cryptocurrency exchange Binance announced a partnership with peer-to-peer (P2P) crypto trading platform Paxful with the aim to enable the P2P platform as a Binance fiat gateway.
According to a press release on Dec. 12, Binance users will now be able to use Paxful to buy Bitcoin (BTC) with 167 various fiat currencies.
Supported fiat currencies include the Russian ruble, Vietnamese dong, Indonesian rupiah, Nigerian naira, Colombian peso, British pound, Mexican peso, Canadian dollar, euro, Argentine peso. Binance CEO Changpeng Zhao said:
“This marks a significant partnership between a crypto exchange and peer-to-peer platform where a new pool of users will have access to alternative fiat payment methods available on Paxful, including local currency bank transfers and some of the world’s most popular digital wallets. […] As one of the sole exchanges offering this service with Paxful’s integration to our users, we are looking forward to seeing new possibilities arise by providing more fiat-to-crypto options to the mainstream.”
Per the release, the partnership aims to reach and aid an estimated 2 billion unbanked people worldwide. Given that developing nations host a significant portion of the unbanked, it is worth noting that an October report showed a 2,800% increase in trades on Paxful in South Africa compared to the previous year.
Binance appears to be devoting a significant portion of its resources to building its fiat currency onramp infrastructure and partnerships. As Cointelegraph reported, the exchange also announced the launch of its fiat gateway for Latin America today.