Africa’s unbanked population is set to benefit from a joint venture between Paxful, a peer-to-peer Bitcoin marketplace, and BitMart, a premier global digital asset trading platform in the cryptocurrency market with over 600,000 users worldwide.
The partnership, which involves Paxful’s integration onto BitMart, comes at a pivotal time for the crypto community and serves as a step the two entities have taken together in the hopes of increasing liquidity and scalability.
The integration will allow users to make payments via Paxful on the BitMart platform.
Paxful promotes a global peer-to-peer payment logistics platform for the future, allowing direct bitcoin transactions to be made from user to user, which eliminates the need for third-party interactions.
With a focus on emerging markets and the unbanked, they provide a space for users to send, receive and store bitcoin.
Following the partnership, users will now have direct access to one of the world’s largest digital asset trading platforms, providing increased visibility and over 180 additional trading pairs. Furthermore, integrating Paxful positions BitMart as one of the only exchanges in the world entering the peer-to-peer financial ecosystem, providing people with easier access to the entire financial world.
“We’re excited to integrate with BitMart in efforts to bring more trading options to emerging markets,” said Ray Youssef, CEO and Co-Founder of Paxful.
“It has always been our mission to provide financial freedom worldwide and we see this as the next big step in the financial revolution,” he added.
According to the World Bank’s Global Financial Inclusion database, a platform based on information from more than 140 countries, 2billion people worldwide are completely unbanked.
The data reveals that 20% of unbanked adults receive wages or government transfers in cash. It also found that women make up just over half (55%) of unbanked people worldwide.
The goal of Paxful and BitMart’s integration is to provide education, opportunities, and allow the unbanked, under-banked, and overbanked to participate in a growing peer-to-peer financial ecosystem.
“BitMart has always been a mission to offer convenient and secure financial services in the crypto market,” said Sheldon Xia, Founder and CEO of BitMart.
“An integration with a revolutionary company such as Paxful allows us to bring digital asset trading to those who would otherwise not have had the access. With this partnership, investors will now have direct access to multiple payment approaches including bank transfers, gift cards, debit or credit cards, and cash deposits, lowering the barriers to entry for new adopters of digital currency investment,” he concluded.