Peer to Peer Bitcoin exchange firm Paxful alongside OKEx, another crypto exchange, and Over the Counter (OTC) market firm based in Malta have partnered to improve the Bitcoin market in Africa and reach more users in the continent.
With this partnership, crypto users in South Africa, Nigeria, Kenya in Africa, and other continents would be able to access crypto services more easily and top up their OKEx account through Paxful’s virtual kiosks.
OKEx, Paxful CEO reacts to partnership
Jay Hao, OKEx CEO, said in a statement that with Paxful partnership, they would be able to reach more users in developing regions using Paxful’s existing infrastructure and payment options and give them exposure to the benefits of OKEx’s advanced technology and diversified product suite.
It has been made easy that anybody can sign up and get registered to start a virtual Kiosk on Paxful, enabling payment via bank transfers, online wallets, gift cards, and fiat payment.
Bitcoin market improvement and this partnership, however, remains’ key for Ray Youssef, Paxful CEO, who explains that to help the crypto community move forward industry businesses are working together to uplift each other in providing more options for their users.
He said further that the partnership has not only activated more options for users of both platforms but also increase functionality too. However, both firms together work to strengthen the overall ecosystem and help make crypto more accessible as a real-world payment method by expanding to different geographic markets.
Paxful to use Bitcoin market solve financial exclusion in Africa
Cryptopolitan reported recently about the prospect of the Bitcoin market and the crypto industry in Africa and how the continent holds the future of digital assets. Paxful is ready to tap into that by providing financial services to unbanked citizens in the country through cryptos.
Nigeria, South Africa are two emerging markets in the continent. Reportedly, Nigeria saw $35 million in peer to peer bitcoin trades between May and June, while South Africa saw $7 million.
Theis is said to be because of uncertainty in the ‘traditional’ economy, increasing education about the crypto-economy, and the emergence of various virtual currency marketplaces in Africa.