Tanya Abrosimova
Independent Analyst
- Binance enters partnership deal with P2P platform for buying Bitcoin for fiat.
- The development may support cryptocurrency mass adoption in the future.
The Malta-based cryptocurrency exchange Binance has entered a partnership deal with Paxful, the P2P platform for buying Bitcoins. In the future, the alliance will allow Binance users from 167 countries to purchase Bitcoins for fiat.
Paxful works with several cryptocurrency trading platforms, but service Virtual Bitcoin Kiosk will be available only for Binance customers. Initially, they will be able to by Bitcoin on Paxful with ten fiat currencies: US Dollar, Russian Ruble, Vietnamese Dong, Columbian Peso, Indonesian Rupee, British Pound, Mexican Peso, Canadian Dollar, Euro, and Argentine Peso.
Currently, buying Bitcoin for fiat option is available for Binance customers in Argentina and Brazil due to the partnership deal between the cryptocurrency exchange and Latamex, a platform for fiat gateways in Latin America.
Latamex/Settle Network is the largest digital assets Settlement network across LATAM (Latin America) for exchange and cross-border payments. Binance has partnered with Latamex to provide easier access and more options to people throughout regions for the purchase of cryptocurrency with fiat in a fast and secure manner.
A push for mass adoption
In the long run, this development may bode well for the cryptocurrency industry as it makes a case for broader mass adoption. Once people are offered simple procedures that do not require extensive knowledge about the way cryptocurrency works, they are more likely to buy their first Bitcoin and join the industry. In other words, closer integration with traditional finance makes digital assets more accessible for a broad public.
Binance partnership with Paxful will bring Bitcoin to people in 167 countries, which may translate in the strong growth of demand and pave the way for Bitcoin's price increase.
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