Binance and PAXful recently announced that they would be working together to bring crypto to the masses, specifically Bitcoin. Through this partnership, Binance customers will be able to buy BTC using 10 fiat currencies through Paxful on the Binance platform. These ten currencies are the Russian ruble, Indonesian Rupiah, Colombia peso, Mexican peso, British pound, Nigerian naira, Canadian dollar, Argentine peso, Vietnamese dong, and Euro.
This partnership effectively makes Paxful a Binance fiat gateway joining a growing list of such gateways such as Simplex, Koinal, TrustToken, AdvCash, and Paxos. While Binance users can already purchase BTC using these other gateways, Paxful comes with a difference; it supports over 300 payment options.
The Paxful platform supports numerous payment options such as local bank transfers, online wallets, and even gift cards. According to the Paxful COO, the payment options offer the unbanked and underbanked with a chance to take part in the crypto market. He gave the example of Nigeria whose banking rules are quite restrictive. However, Paxful has made it possible for Nigerians to buy BTC using gift cards.
There are 167 fiat currencies supported on the Paxful platform. However, only ten currencies will be supported in its Binance integration with plans to add more in the future. Paxful charges an escrow fee, with fees varying depending on the payment method in use.
Binance Fiat Gateways
Binance has recently stepped up its effort to expand its fiat gateway. It currently has seven channels, with more planned in the future. According to the Binance CEO, CZ, this partnership is significant since it will allow a new pool of users to access fiat payment options offered by Paxful.
In November, Paxful reported about $30 million is P2P Bitcoin transactions. In the past year, the platform has added more than 800,000 wallets, to bring the total wallets it services to 3 million. Currently, only BTC is supported by the platform. Its leadership has indicated that the platform intends to be a BTC only platform. According to them, only one cryptocurrency is needed for the financial revolution to occur.