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Binance Adds Fiat Onramp through Paxful P2P Integration

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As always, Binance sees no brakes when it comes to expansion, having its latest achievement be the integration of Paxful, a peer-to-peer (P2P) bitcoin exchange. With this, Binance will enjoy new ways of purchasing Bitcoin.

An Exclusively Binance Kiosk

The announcement came on Thursday, where it was told that Paxful with providing its Virtual Bitcoin Kiosk exclusively to Binance. Through this, Binance users will enjoy yet another fiat-to-crypto onramp, with Paxful joining other services like Simplex and Koinal.

With the Paxful kiosk integrated, fiat payments of over 167 countries can be accepted. However, as a start, Binance Users will only have access to select currencies. These currencies are the Vietnamese Dong, the Russian Ruble, the Nigerian Naira, the Indonesian Rupiah, the British Pound, the Columbian Peso, the Canadian Dollar, the Mexican Peso, the Argentine Peso as well as the Euro. More possible fiat onramps will be possible in the future.

The users of Paxful will also gain direct access to Binance, widening the opportunities of crypto trading on the P2P network, thus the price arbitrage. Paxful reportedly held offers from several of the top 10 cryptocurrency exchanges, but the company has decided to provide its kiosk service to the Binance platform exclusively. This information was gained through a telephone interview done by Ray Yousseff, the CEO and founder of Paxful.

Providing Workarounds

Paxful itself was founded back in 2015, allowing traders to connect through its API and do business through peer-to-peer trading. According to UsefulTulips, the company has been enjoying trading volumes of around $25 million a week.

Binance also provides its Chinese users with a P2P service through both WeChat and AliPay, but the practices are heavily monitored within the latter platform. Crypto trading is considered illegal in China and violates both companies’ terms of service.

Paxful supports fiat-to-crypto purchases for both the euro and the dollar through Paxos Standard (PAX) as well as Gemini Dollar (GUSD). The exchange has slowly started to add stable coins to its platform through its “Venus” initiative. Support for fiat options like the Ruble, the Euro, the Nigerian Naira, the Turkish Lira, the Kazakhstani Tenge, the Ukrainian Hryvnia as well as the Indian Rupee is already established. The information is given through a Binance support article.

International Niches

While the majority of Paxful’s users are based within the US, a researcher at the startup accelerator, dlab, stated that the exchange had gained a new niche. Matt Ahlborg explained that ex-pats of sub-Saharan Africa are making use of the exchange in order to send funds back home.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.