P2P cryptocurrency exchange Paxful recently integrated a Turkish lira backed stablecoin BiLira (TYRB). The exchange is looking at expanding its payment methods which allow users to buy and sell Bitcoin and USD-backed stablecoin Tether.
What is BiLira?
The BiLira token is based on reserves of fiat reserves of Turkish lira held in custodian accounts. The stablecoin is used for facilitating onboarding for the crypto exchanges and provides a tokenized method for raising funds for crypto firms. The integration will allow the Paxful P2P trading network directly to purchase Bitcoin and Tether with more than 300 payment options, which includes 160 fiat currencies.
The supported currencies on the platform include British Pound (GBP), Euro (EUR), Nigerian Naira (NGN), Russian Ruble (RUB), Indonesian Rupiah (IDR), Mexican Peso (MXN), and others.
Paxful tries to expand its offering
Paxful is trying to improve its platform’s offerings, moving away from its initial Bitcoin-only platform. It has recently started supporting Tether stablecoin. Vidal Arditi, BiLira COO, commented on the integration and said,
“BiLira, acting as a ramp for peer-to-peer marketplaces, will make cryptocurrencies more accessible to the locals, especially backed by such a reputable marketplace like Paxful, we can see this going far.”
Paxful has a Virtual Kiosk that allows users to match with sellers that meet their trading needs criteria instantly. The criteria will include both payment method and currency. The customers of the company will benefit from the collaboration with Paxful as they will get access to a number of trading options. This includes spot, margin, and futures on the partner platforms.
Paxful co-founder and CEO Ray Youssef said that the exchange is excited to partner with BiLira and add it as a payment option on the platform. He highlighted that the exchange’s mission is also about financial inclusion. The new fiat-backed stablecoin will give more users access to global digital networks and provide a safe alternative to the current banking system.