A partnership between Malta-based Binance and the Peer to Peer trading platform (P2P), this year, will introduce and support over 300 different payment methods for Bitcoin. The methods include, gift cards and online wallets thereby making Bitcoin accessible to everyone. The partnership will allow Binance users to utilize Paxful’s platform to buy bitcoin (BTC) with 10 fiat currencies directly on Binance.com – Russian ruble (RUB), Vietnamese dong (VND), Indonesian rupiah (IDR), Nigerian naira (NGN), Colombian peso (COP), British pound (GBP), Mexican peso (MXN), Canadian dollar (CAD), euro (EUR) and Argentine peso (ARS).
What this means is, Paxful is now another Binance fiat gateway partner, joining the list of Koinal, Simplex, Paxos, TrustToken, Flutterwave and AdvCash. Binance already allows buying of bitcoin via these partners, but Paxful’s support of hundreds of payment methods is the key differentiator.
Speaking to the “Block, Artur Schaback, co-founder and COO of Paxful, told “The Block”,
“Unlike other payment gateways, Paxful supports more than 300 payment methods including local currency bank transfers, gift cards, and online wallets,” Artur Schaback, co-founder and COO of Paxful, told The Block. “This gives an opportunity for the unbanked and underbanked to be part of a new ecosystem.”
To further buttress his point, he explained how this model would work in Nigeria, where banking rules are restrictive. He noted how payment could be easier for residents with the use of gift cards instead, to buy Bitcoin via Paxful to fund their Binance accounts.
Changpeng “CZ” Zhao, CEO of Binance, called the partnership with Paxful a “significant one because 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.”
Currently, Paxful supports 167 fiat currencies on its platform, but for Binance integration, it is supporting 10 fiat currencies for now and could add support for more “in the near future.” Paxful charges an escrow fee on the trades that go through its platform; the fees varies per payment method.
It has also seen nearly $30 million in peer-to-peer Bitcoin trades last month, per the announcement. While in the past 12 months, the platform has added over 800,000 wallets and now services a total of 3 million wallets.
As to why the system currently supports, Bitcoin on its platform and wants to remain a bitcoin-only platform, Schaback told The Block recently, “We believe that there should only be one cryptocurrency to make the financial revolution happen.”
With this exciting innovation to Cryptocurrency payment options, it is believed that more people will find it easier to work in the system.