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Binance Partnership Adds Paxful of Fiat-to-Bitcoin Payment Options

In a recent press release, Binance has announced what has become the latest in a series of partnerships and acquisitions.

It’s the latest in a series of partnerships supposedly aimed towards breaking down barriers to financial access worldwide, sees Binance working with Paxful to utilise its ‘Virtual Bitcoin Kiosk’ to give customers access to ‘167’ different fiat currency as a means of purchasing the bitcoin cryptocurrency token.

These new fiat options include “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), Argentine Peso (ARS), United States Dollar (USD)”.

“Paxful is proud to be partnering with Binance in our joint efforts to bring bitcoin to the masses…

They share our passion and vision for the global crypto economy and we’re excited to see how this union will spur more financial access, and, consequently, opportunities, for people everywhere.”

Ray Youssef, CEO, and co-founder of Paxful

The means by which fiat can be converted to crypto has been something of an obstacle / barrier to access – due to obstinance on behalf of the banks etc. The addition of new options by Binance represents a positive push forward in overcoming these institutional barriers.

This also represents overall campaign by Binance towards “opening access to crypto” / breaking down barriers / and entering new markets. Particularly helping to increase the level of banking access for the otherwise ‘unbanked’ – as well as encouraging mass adoption.

Similar recent news from Binance includes the establishment of the company’s first Latin American fiat gateway, named ‘Latamex’ – on December 12, 2019.

Latamex is primarily created for users in Argentina and Brazil, and enabled fiat purchases of cryptocurrency for Latin American Binance users; in the Argentine Peso (ARS) and the Brazilian Real (BRL) through its ‘Binance Fiat Gateway’ channel.

“This marks a significant partnership between a crypto exchange and peer-to-peer platform where a new pool of users will have access to alternative fiat payment methods available on Paxful, including local currency bank transfers and some of the world’s most popular digital wallets…

As one of the sole exchanges offering this service with Paxful’s integration to our users, we are looking forward to seeing new possibilities arise by providing more fiat-to-crypto options to the mainstream.”

CZ (Changpeng Zhao), CEO of Binance

On December 2, 2019 Binance acquired DappReview: a website somewhat akin to DappRadar, which serves the purpose of delivering qualitative yet also score-based reviews for the ever-increasing number of decentralised applications on the market.

In fact, DappReview claims to provide data analytics, user insights, and dapp information for over 3,900 dapps across thirteen public blockchains; whilst attracting “over 300,000 monthly active users across 120 countries”.

Additional examples include Binance’s partnership with TravelbyBit in late November (27th), in addition to its acquisition of “India’s Leading Digital Asset Platform WazirX” on November 21st, 2019.