OKEx has announced a partnership with peer-to-peer marketplace Paxful to allow new fiat on-ramps for its clients. This would invariably increase liquidity on the crypto exchange.
According to the announcement the collaboration would enable new and existing OKEx clients to access a wide variety of payment options. As well as advanced trading tools, which would invariably boost the adoption of digital currency globally.
📣 We're pleased to announce @OKEx's strategic partnership with @paxful, the largest #crypto P2P platform 🤝 Buy #Bitcoin via #FiatGateway with 167+ currencies 💱 & 300+ payment methods 💳📱🏧#BuyCrypto now: https://t.co/oXE7GITCcH
Details: https://t.co/a8HXfooR3y pic.twitter.com/i8vwHQ2Myw— OKEx (@OKEx) June 15, 2020
Paxful will act as the main fiat-to-crypto currency on-ramp for OKEx exchange. The partnership will also allow OKEx clients the opportunity to buy Bitcoin with over 160 fiat currencies. Including the Turkish Lira, Indian Rupee, Argentine Peso, amongst other currencies.
All these would be achieved through the use of convenient local payment methods enabled by the Paxful platform. These include bank transfers, domestic wires, online wallets, and gift cards, among others.
Additionally, OKEx CEO Jay Hao, noted that through the partnership, OKex can reach more users in developing regions. Mainly through incorporating Paxful’s existing infrastructure and also payment options.
“We’re delighted to partner with Paxful and share very similar goals about onboarding more people to cryptocurrency. This is a great step forward for us and the crypto space in general,” he added.
Paxful to make crypto more accessible
According to Paxful’s CEO and co-founder, Ray Youssef, the partnership would help increase crypto growth and adoption. “With this partnership, we hope to continue to build up the ecosystem together and make crypto more accessible as a real-world payment method” he stated.
Paxful users will also be able to access sophisticated trading options, such as spot, margin, and futures trading on OKEx. Users can take part in options trading through the OKEx DEX, giving them new possibilities in the derivatives markets that were not previously available to them.
Additionally, more than 100 million users will benefit from this integration. Not just in terms of freedom of payment options but also through exposure to OKEx’s high liquidity, cold storage features, and a vast suite of trading products and tools.
Notably, the partnership marks a big step for OKEx in terms of its presence in developing countries. Such as India, Indonesia, Nigeria, Turkey, amongst others where the cryptocurrency scene is growing quickly.
Other developments
In a related event, OKex recently unveiled its exchange in India in partnership with the Indian cryptocurrency trading platform, CoinDCX. In a bid to boost crypto adoption in the region and globally.
The partnership reportedly makes available CoinDCX’s new crypto futures product, DCXfutures. This enables users trade futures contracts with major cryptocurrencies with up to 15x leverage.
Besides its, subsidiary OKEx Pool is reportedly among the first batch of mining pools to serve as a validator for the ETH 2.0 testnet. The Topaz launch is also an important aspect of its switch from the Proof-of-Work (PoW) to the Proof-of-Stake (PoS) algorithm.
