Paxful and Binance Enter into Strategic Collaboration to Enhance Global Cryptocurrency Circulation Capabilities

Paxful will become Binance’s fiat/digital currency exchange portal, providing Binance’s global users with diversified Bitcoin purchase payment methods.

December 12, 2019 - Binance, the world's leading digital currency exchange, today announced a strategic partnership with Paxful, a Bitcoin peer-to-peer trading service provider, to provide more convenient and reliable financial services to global users. From now on, new and old users will experience Paxful's trading functions on the Binance platform and enjoy one-stop financial services.

After this integration, users can directly purchase Bitcoin on Binance.com through Paxful's peer-to-peer trading network using up to 167 fiat currencies. The payable fiat currencies include but are not limited to 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). Paxful's visual trading panel can help users quickly find Bitcoin sellers that meet their requirements based on currency and payment method; and Binance users can also pay directly through Paxful.

“We are honored to work with Binance to bring Bitcoin to the masses,” said Ray Youssef, co-founder and CEO of Paxful. “We both share a passion and vision for the global cryptocurrency economy. We look forward to this collaboration facilitating greater financial access and opportunities for people around the world.”

With this win-win opportunity, Binance users will have more new payment methods, and Paxful users can also use Binance exchange directly. Now, not only can you buy Bitcoin with Russian Rubles, Vietnamese Dong, Indonesian Rupiah, Nigerian Naira, Colombian Peso, British Pound, Mexican Peso, Canadian Dollar, Euro and Argentine Peso, but more new fiat currencies will be included in the near future.

“This is a significant partnership that will bring together a cryptocurrency exchange and a peer-to-peer trading platform to expand the user pool and enable more people to use Paxful’s fiat payment methods, including local bank transfers and some of the world’s most popular cryptocurrency wallets,” said Binance CEO Changpeng Zhao. “As the settlement method of purchasing cryptocurrencies with fiat becomes more mainstream, we look forward to seeing more opportunities arise.”

Paxful and Binance are both flagship companies in the industry, and they have joined forces to provide safe and convenient financial services to an estimated 2 billion people around the world who do not have access to bank services, which is of great significance to the cryptocurrency industry. Paxful's peer-to-peer Bitcoin trading volume in November was close to $30 million; and in the first week of December, Binance's Bitcoin futures trading volume doubled in 24 hours, with trading volume rising from $980 million to a peak of $2.2 billion.

About Paxful

Paxful aims to provide a simple, fair and secure platform for users around the world to buy and sell Bitcoin. Paxful has been committed to bringing financial inclusion to individuals who do not have access to traditional banking services through peer-to-peer financing. Each user is given a free digital wallet that allows them to send, receive and store Bitcoin. Peer-to-peer transactions eliminate the middleman through confidential escrow services and have a 24/7 customer service system dedicated to solving user problems.

About Binance

Binance is a blockchain ecosystem consisting of multiple divisions dedicated to the development of blockchain and the free flow of capital. The Binance ecosystem consists of Binance Exchange (the world's leading cryptocurrency exchange), Labs (venture capital and project incubator), Launchpad (token sales platform), Academy (blockchain and digital asset learning platform), Research (cryptocurrency market analysis), Charity Foundation (blockchain-enabled donation platform and non-profit organization to promote sustainable development), Trust Wallet (Binance's official crypto wallet and dApps browser), and Binance Chain (a blockchain software system developed by Binance and the community).