Paxful and OKEx team Up for New Fiat-To-Crypto On-Ramps

OKEx, one of the big crypto exchanges out there, has recently partnered up with Paxful, the peer-to-peer (P2P) crypto marketplace. This partnership seeks to enable new fiat on-ramps for OKEx’s customers.

A Mutual Benefit

Through an emailed statement made on Monday, Paxful explained that the move itself would also benefit their own users. This is due to the fact that higher levels of liquidity can be accessed, alongside an overall improvement on ease of access. Through this statement, Paxful explained that it would serve as a fiat-to-crypto on-ramp for the OKEx exchange. Through this, the P2P exchange’s services will enable users to buy Bitcoin with more than 160 different forms of fiat currencies. This includes the pound sterling, the euro, the Thai baht, as well as the Indian rupee.

The Mandatory Public Statements

Ray Youssef, the co-founder and CEO of Paxful, gave a statement about the matter, as well. He stated that the company is hoping to increase the accessibility of crypto across the world with this partnership, making it serve as a viable real-world payment method.

Jay Hao, the CEO of OKEx, gave a statement about the matter, as well. He explained that this partnership would allow the OKEx platform to reach more users within developing regions. The company will do this with the help of the pre-existing infrastructure that Paxful provides, as well as the payment options this partnership enables.

Plans of Pushing Into Southeast Asia

As Paxful explained it, this partnership will allow its users to access a range of trading options within the OKEx exchange platforms. This includes options trading, which stands available on the DEX platform of OKEx.

The co-founder of Paxful, Artur Schaback, gave an explanation regarding the immediate plans the company has in phishing into new markets. He explained that the firm was eyeing a range of countries within the Southeast Asia region, including Malaysia, Indonesia, as well as Singapore. Useful Tulips, an analytics firm, had provided data that showed that the trading volume of Paxful within these regions had increased dramatically over the past year.

Regulations Looming

The firm’s official goal is to increase the financial inclusion of the world, doing so through the use of cryptocurrencies. However, Schuback admitted that it wouldn’t be as easy as it once might have been, as regulations within the budding industry are something to be watched with a keen eye.

This can be seen by Paxful being forced to announce on Wednesday that it will discontinue all transactions made through the Bank of Venezuela, as a direct result of the US sanctions.

⚠️Atención usuarios de Venezuela: informamos que el método de pago para transferencia bancária “Banco de Venezuela” será desactivado en las próximas horas. ?Por favor, elimina este banco entre tus opciones para comerciar en el país. Más informaciones en: https://t.co/ukJINXD8Hr

— Paxful LATAM (@paxful_LATAM) June 10, 2020