Paxful, Africa’s largest P2P crypto marketplace, has partnered with BuyCoins Africa, a Nigerian hybrid exchange, to bring the Naira Token (NGNT), onto the Paxful platform.
In a statement, Paxful said:
“Global peer-to-peer crypto marketplace Paxful partnered with BuyCoins as part of its localization efforts to add Naira token (NGNT), a Naira pegged stablecoin, as a payment method to the platform. With this partnership, users will be able to buy and sell Bitcoin (BTC) and Tether (USDT) using NGNT.”
NGNT, a product of BuyCoins Africa, is an ERC-20 token backed by Naira 1-to-1, which means it can always be redeemed for Naira which offers some stability to the volatile virtual currencies market.
BuyCoins Africa allows Nigerian users to buy and sell cryptocurrencies either directly from the exchange itself, or from other traders on its P2P platform.
BuyCoins Africa traded about $26 million in 2019. So far, it has quadrupled this figure in 2020.
— Timi (@timigod) October 7, 2020
Speaking about the partnership, Timi Ajiboye, CEO, BuyCoins Africa, said:
“This collaboration with Paxful is an exciting step for the NGNT community. It opens up new opportunities and use cases for NGNT and will help to increase trading activity within the crypto ecosystem in Nigeria.”
Ray Youssef, CEO, Paxful, added:
“With the Naira Token, users can perform fast, publicly-verifiable, borderless transactions with a fiat equivalent, which is important to our users. Nigeria is one of Paxful’s leading markets. We’re excited to partner with BuyCoins to make this payment method available on our platform.”
Paxful recently added the Tether stablecoin onto its platform just a few weeks, becoming the first of possibly many other stablecoins to be added onto the platform. In just 3 weeks, nearly $1.5 million worth of Bitcoin have been traded for Tether on the P2P exchange.
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