OKEx taps Paxful to provide new fiat-to-crypto onramps
According to CoinDesk, Paxful will be working with OKEx as a fiat-to-crypto onramp to purchase bitcoin with over 160 different national currencies. Paxful also plans to expand into several more countries in southeast Asia including Indonesia, Malaysia, and Singapore. In addition, this partnership allows users to access numerous trading options on OKEx including options trading and the OKEx DEX.
Why it matters
- Volumes on Paxful have been growing rapidly, doubling over the last two months with almost $50 million in weekly volume. By partnering with one of the largest crypto exchanges, this should increase the number of users they can reach further growing volumes.
- While Paxful looks serve those in developing countries, last week they announced they were forced to discontinue all transactions made through the state-owned Bank of Venezuela due to U.S. sanctions. Despite aiming to increase financial inclusion, the company still needs to comply with international regulations.
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