July 7, 2020- Paxful, a leading peer-to-peer bitcoin marketplace
(https://Paxful.com) that aims to bring financial inclusion and access to the
underbanked and unbanked in developing countries, has joined forces with OKEx
(https://www.OKEx.com/), one of the world’s largest and most diverse
cryptocurrency spot and derivatives exchanges.
will offer several payment methods for new and existing OKEx users to buy
bitcoin with over 160 fiat currencies through Paxful’s Kiosk. Users will have
access to in-demand payment methods such as bank transfer, gift cards, online
wallets, and many more. Overall, the partnership will integrate over 100
million users allowing them the freedom to utilize Paxful’s existing
infrastructure and payment options while enjoying the benefits of OKEx’s
advanced technology and diversified product suite.
|Image: (L to R) Paxful Co-Founders Artur Schaback and Ray Youssef|
community, industry businesses are increasingly collaborating to uplift each
other in providing more options for their users. We admire OKEx’s work and know
that our values and strategy are aligned. With this partnership, not only do we
open new opportunities for customers on both platforms and increase
functionality, but we jointly contribute towards strengthening the overall
ecosystem and help make crypto more accessible as a real-world payment method
by expanding to different geographic markets,” commented Ray Youssef, CEO, and
co-founder of Paxful.
integration, Paxful and OKEx provide easier access to the global cryptocurrency
market specifically in the regions of South Africa, and Nigeria, but also in Kenya,
Vietnam, Russia, Indonesia, Thailand, UK, India, Argentina, Canada, Chile,
Korea, Germany, France, Japan, Poland, Turkey, Ukraine, and Venezuela.
with Paxful and share very similar goals about onboarding more people to cryptocurrency.
Through this partnership, we can reach more users in developing regions using
Paxful’s existing infrastructure and payment options and give them exposure to
the benefits of OKEx’s advanced technology and diversified product suite. This
is a great step forward for us and the crypto space in general,” said Jay Hao,
CEO of OKEx.
of more than 60%, Africa is a major focus for both Paxful and OKEx. In
addition, the continent is also spearheading cryptocurrency adoption around the
globe with key drivers being high inflation rates, weak national currencies,
inadequate financial infrastructures, and growing economic uncertainty stemming
from the COVID-19 pandemic. All these conditions are combined with a growing
population that is largely young and digital-oriented.
convenient, and fast alternatives for financial transactions, use, and
ownership of the cryptocurrency are significantly increasing amongst African
decentralized, efficient, and a borderless payment method, one of the most
striking features of bitcoin is that it’s considered to be an excellent means
of preserving wealth in many countries, especially in uncertain times. It’s often
compared to precious metals, specifically gold, in terms of storing value,”
that bitcoin is of keen interest to many in Africa. Kenya topped the list with
94.7% of all cryptocurrency-related searches attributed to bitcoin, while
Nigeria and South Africa had high percentages of 89.4% and 89%, respectively.
increasing trade volumes
emerging as key hubs of the crypto economy on the continent. Nigeria’s use of
bitcoin has surged exponentially with recent statistics showing that between
May and June this year, the country recorded more than $35 million (R604 136
750) in peer-to-peer bitcoin trades, while rival South Africa saw a
transactional value of $7 million (R120 827 350).
attributed to various elements, including uncertainty in the ‘traditional’
economy, increasing education about the crypto-economy, and the emergence of
various virtual currency marketplaces in Africa yielding more income-generating
opportunities through bitcoin.
most advanced economy: overall, the year-on-year increase in trading volume for
bitcoin currently stands at 994%. The trading volume for bitcoin was
approximately $14 483.48 (R250 000) for the week of June 22, 2019, compared to
the trading volume of almost $434 504.27 (R7.5 million) recorded for the same
period this year, equating to a year-on-year increase of more than 2800%
trading volume for the week.