Crypto exchange OKEx will be providing its customers with new fiat on-ramps thanks to its new partnership with peer-to-peer marketplace Paxful, the firm said in a press release on 15 June.
According to the announcement, Paxful will work as a new fiat-to-cryptocurrency ramp for OKEx, and will enable the exchange’s users to buy Bitcoin with over 160 different national currencies, such as the euro, pound sterling, and Indian rupee. The service will also offer several payment methods, including bank transfer, gift cards, online wallets, and others.
The CEO of OKEx, Jay Hao, said in a statement:
“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.”
The new partnership will also make it possible for Paxful’s customers to access a variety of trading options on the OKEx platform, such as spot, margin and futures trading, as well as the derivatives markets.
Paxful’s CEO and Co-Founder, Ray Youssef, said in a statement:
“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.”
The partnership also plays a big role in Paxful’s plans to push into new markets. According to Monday’s press release, the firm has been looking at some countries in southeast Asia in which the crypto scene has been growing quickly, namely Indonesia, Malaysia and Singapore.
In the first quarter of the year, Paxful became the first P2P platform to partner with blockchain analysis firm Chainalysis. At the time, the firm said it will make use of Chainalysis’ Reactor and KYT tools in an attempt to protect its users from fraudulent actors. While the KYT tool allows the firm to monitor large volumes of crypto activity, the Reactor will enable it to investigate suspicious transactions.