Paxful, a peer to peer bitcoin marketplace with operations in parts of Africa, and Airtm, a blockchain exchange and digital wallet, have announced a new partnership that will enhance the trading experience for people in developing countries.
Following the agreement, Paxful users will be able to fund and withdraw cash from their Paxful bitcoin accounts using Airtm as a payment method.
Paxful launched in 2015 with the goal of bringing more financial inclusion to unbanked or under-banked populations through decentralized, peer to peer access to bitcoin. Since then, the platform has gained popularity, particularly in African countries.
The company connects bitcoin buyers and sellers on its platform. Its users are able to buy and sell bitcoin using over 300 different payment methods ranging from local bank accounts, debit/credit cards, and cash payments. Users are also able to send, receive and store bitcoin through their Paxful bitcoin wallet.
Airtm works in a similar way, connecting peers who wish to buy and sell dollars or cryptocurrencies, allowing them to deposit and withdraw using over 200 different payment methods. Users can hold and send AirUSD, Airtm’s dollar pegged token, or cryptocurrencies through their Airtm wallets.
Airtm provides globally-connected financial services to consumers and businesses in the developing world. The firm helps over 400,000 consumers and businesses in countries with devaluing currencies, hyperinflation, and limited banking systems to exchange local money for cryptocurrencies.
The core mission behind Airtm is to provide greater financial access and stability to people throughout the developing world in a way that is decentralized. Airtm operates globally, with the majority of its users concentrated in Latin America.
“There are many synergies between Airtm and Paxful, and we are excited to partner with them to offer more possibilities to our users and expand globally,” Ruben Galindo, Airtm CEO said.
“Both Airtm and Paxful believe in the future of peer-to-peer finance. In efforts to aid the unbanked and those affected by hyperinflation, this partnership will allow us to join forces with Paxful under one unified voice,” he continued.
The two companies intend to use the integration to grow into more geographies. With P2P crypto trading growing in Latin America, especially Venezuela (Airtm’s largest market), Airtm will help Paxful grow in the region by promoting the platform as the ideal P2P platform for buying bitcoin. At the same time, Paxful will help Airtm grow among its users in Africa, promoting AirUSD as a stable option to use for bitcoin transactions.
“As we continue our work in emerging markets, this growth is sure to accelerate, said Ray Youssef, co-Founder, and CEO of Paxful.
“We hope to see economic stability for the underrepresented take flight in Latin America, and want to be the ones paving the way for those freedoms,” he concluded.