OKEx and Paxful team up for new crypto-to-fiat on-ramps

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Posted on: June 17, 2020 6:23 pm EDT

More options in the cryptocurrency ecosystem shows that the space continues to mature

A new service for the cryptocurrency industry is coming to market. OKEx, the world’s largest futures cryptocurrency exchange, has partnered with Paxful, a peer-to-peer trading platform. This new deal will offer crypto traders access to several new payment options and, as of now, Paxful’s web-based Virtual Bitcoin Kiosk will be available on the OKEx platform for new and existing users.

This integration will support several currencies like the 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). With the addition of this service, OKEx users can use Paxful’s peer-to-peer trading network directly to purchase BTC with 160 different fiat currencies into their accounts. This means that Paxful will act as another OKEx fiat gateway partner to be included in the list of similar providers that offer the same fiat-to-crypto currency on-ramps using diverse payment methods.

OKEx already has other partners that allow customers to buy Bitcoin; however, the extra perk that Paxful brings is the availability of hundreds of payment methods, especially in countries with heavy banking rules that create restrictions. In those situations, customers can use gift cards to buy Bitcoin via Paxful, which can now be used to fund OKEx accounts.

“We’re delighted to partner with Paxful and share very similar goals about onboarding more people to cryptocurrency. Through this partnership, we can reach more users in developing regions using Paxful’s existing infrastructure and payment options and give them exposure to the benefits of OKEx’s advanced technology and diversified product suite. This is a great step forward for us and the crypto space in general,” said Jay Hao, OKEx CEO.