Paxful, the popular and largest P2P bitcoin marketplace in Africa, has partnered with OKEx decentralized platform, DEX, to offer its customers access to a suite of trading options in the market.
OKEx is the third-largest cryypto exchange globally in trading volumes after Binance and Huobi.
SEE ALSO: Binance and Paxful Partner to Offer Fiat Payment Gateways in 167 Countries Including Nigeria
Paxful will now act as a key fiat-to-cryptocurrency on-ramp for OKEx through the diversity of its payment methods for buying bitcoin, particularly in developing countries across Africa.
The new partnership will see Paxful users access sophisticated trading options on OKEx that include:
- Spot trading
- Margin trading
- Futures trading
Paxful will also now take part in options trading through OKEx DEX, giving them new possibilities in the derivatives markets that were not previously available to them.
Currently, users can only buy, and not sell, Bitcoin on OKEx using the following currencies in Africa:
- Nigerian Naira
- Kenyan Shilling
- Tanzanian Shilling
Users on OKEx will now be able to purchase bitcoin right on the OKEx Buy/Sell tab.
Using the Paxful Virtual Kiosk and API, the platform will then pull up the best offer based on transaction fee, arrival time and price etc, and direct the user to the Paxful platform to buy.
After a successful purchase, Paxful will then deposit the purchased crypto to your OKEx account and the buyer redirected back to OKEx.
Speaking about the partnership, Ray Youssef, CEO, Paxful, said:
“The partnership between OKex and Paxful will open up new opportunities for users on both sides and signals that the crypto industry is uniting more and more when possible in order to use each other’s strengths to provide more options for their users.
Speaking on the importance of reaching more poeple with an array of on-ramp options, Ja Ho, CEO, OKEx, said:
“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.
No one should work as an isolated island. The benefits of this partnership are huge both for Paxful and OKEx users. Together, we can reach and give more options to at least 100 million users.”
The new partnership now enables OKEx to leverage on a variety of payment methods across Africa that include:
- M-PESA
- Bank transfer
- Western Union
- Google Pay among others
OKEx will now support a number of African currencies that includes:
- Nigerian Naira
- Ghanaian Cedi
- Kenyan Shilling
- South African Rand
The new partnership is a big step for OKEx in terms of its presence in the developing world where crypto adoption has been on a steep upward trajectory. This also opens up an opportunity for users to now have acccess to a wider variety of trading tools and increased functionality.
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