VALLETTA, Malta, June 15, 2020 /PRNewswire/ -- OKEx (www.okex.com), the world's largest Bitcoin futures exchange, has announced a strategic partnership with leading peer-to-peer Bitcoin (BTC) marketplace Paxful (www.paxful.com). By joining forces, the two industry titans aim to further push the adoption of cryptocurrencies around the globe.
Paxful Kiosk will be integrated directly within the OKEx platform to allow new and existing users to benefit from a wide variety of payment options and advanced trading tools.
Paxful will act as a key fiat-to-cryptocurrency on-ramp for OKEx through the diversity of its payment methods for buying Bitcoin, particularly important in developing countries. The partnership will also provide OKEx users the opportunity to buy Bitcoin with more than 160 fiat currencies including the Turkish lira, the Indian rupee, and the Argentine peso, using convenient local payment methods enabled by the Paxful platform. These include bank transfers, domestic wires, online wallets, and gift cards, among others.
Paxful's CEO and co-founder, Ray Youssef, said in a statement about the partnership:
"At Paxful, one of our goals is to help grow the crypto community. We admire OKEx's work and know that our values and strategy are aligned. With this partnership, we hope to continue to build up the ecosystem together and make crypto more accessible as a real-world payment method."
Via the integration, users can instantly match with sellers that meet the criteria of their trading needs in terms of currency and payment method, either through the Paxful or OKEx platform. Overall, more than 100 million users will benefit from this integration, not just in terms of freedom of payment options but also through exposure to OKEx's high liquidity, cold storage features and a vast suite of trading products and tools.
For the first time, Paxful users will be able to access sophisticated trading options, such as spot, margin, and futures trading on OKEx. They can also take part in options trading through the OKEx DEX, giving them new possibilities in the derivatives markets that were not previously available to them.
Jay Hao, CEO of OKEx, also spoke to the importance of reaching more people with an array of on-ramp options, stating:
"We're extremely enthusiastic about our partnership with Paxful as one of the most widely used and respected peer-to-peer BTC marketplaces. We're firm believers in collaboration at OKEx and understand that we must work together to onboard more people to cryptocurrency. No one should work as an isolated island. The benefits of this partnership are huge both for Paxful and OKEx users. Together, we can reach and give more options to at least 100 million users."
The partnership marks a big step for OKEx in terms of its presence in the developing regions of the world, including countries like India, Indonesia, Nigeria, Turkey, Russia, and Argentina, where the cryptocurrency scene is growing quickly. Working together, the two companies will provide easier access to the global cryptocurrency market. This will be a win-win for existing Paxful and OKEx users who now have a wider variety of payment methods, trading tools, and increased functionality.
One of the world's largest and most diverse cryptocurrency marketplace, OKEx is where global crypto traders, miners and institutional investors come to manage crypto assets, enhance investment opportunities and hedge risks. We provide spot and derivatives trading — including futures, perpetual swaps and options — with major cryptocurrencies, offering investors notable flexibility in formulating their strategies to maximize gains and mitigate risks.
Paxful is a people-powered marketplace for money transfers with anyone, anywhere, at any time. Their mission is to empower the forgotten four billion unbanked and underbanked around the world to have control of their money using peer-to-peer transactions. The company, founded in 2015, has over 3 million customers globally who you can instantly buy and sell bitcoin with—using over 300 different payment methods.
As part of their mission Paxful also launched #BuiltWithBitcoin, a social good initiative with the goal of building 100 schools funded entirely by bitcoin all across emerging markets. Paxful was co-founded in 2015 by Ray Youssef, Chief Executive Officer, and Artur Schaback, Chief Operating Officer.