OKEx, the largest Bitcoin futures exchange has announced a strategic partnership with Paxful. The strategic relations will involve new fiat-to-crypto onramps for OKex. Collectively speaking, the firms believe that 100 million users will benefit from the partnership.
OKEx And Paxful Strategic Partnership
According to a recent press release, OKEx and Paxful will be engaging in strategic relations which could benefit 100 million users collectively. OKEx is a world leading cryptocurrency exchange that offers high liquidity and cold storage solutions. Paxful is a leading Bitcoin peer-to-peer marketplace that plans to integrate “Paxful Kiosk” into the OKEx platform. Upon integrations, new and current users will be introduced to additional fiat-to-crypto onramps. Through the Paxful infrastructure, OKEx users can leverage 160 + fiat currencies such as the Turkish lira, Indian rupee, and the Argentine peso. Aside from fiat-to-crypto onramps, both companies expect to benefit by offering trading tools and enhanced functionalities.
Through the partnership, OKEx and Paxful have the ultimate goal of fueling mass adoption. With interconnecting both companies networks and resources, they believe that 100 million users could benefit by making crypto more accessible. According to the announcement, “Paxful users will be able to access sophisticated trading options, such as spot, margin, and futures trading on OKEx. They can also take part in options trading through the OKEx DEX, giving them new possibilities in the derivatives markets that were not previously available to them.”
Ray Youssef, CEO & Co-Founder of Paxos stated that:
“At Paxful, one of our goals is to help grow the crypto community. We admire OKEx’s work and know that our values and strategy are aligned. With this partnership, we hope to continue to build up the ecosystem together and make crypto more accessible as a real-world payment method.”
Targeting Developing Countries
The strategic relations will put the companies in a position to make crypto more accessible across the globe. It was noted that OKEx is looking forward to serving their user base in developing regions. Areas like Indonesia, India, Nigeria, Turkey, Russia, and others will benefit from easier access to the entire cryptocurrency markets.
According to a report by The Economist, developing economies are paving the way for crypto adoption. Developing regions like India, Indonesia, and Turkey are industry leaders when it comes to using the internet with a mobile device. As the world progresses closer to a “cashless society” , many believe that these developing regions will lead the movement into digital assets. According to research from “The Economist,” cryptocurrency awareness has reached 92% in developing countries. This is higher than the 79% that’s reported for developed regions. With many of these developing economics being the same regions that pushed mobile dominancy, many believe they will do the same within the digital asset space. The strategic approach being taken by Paxful and OKEx will provide these developing countries with the proper resources to move forward.
OKEx is one of the largest cryptocurrency market places that uses blockchain technology to provide advanced financial infrastructure to traders globally. OKEx now serves over 100 countries and is said to process about $1.5 billion daily in Bitcoin futures.
Paxful is a crypto peer-to-peer marketplace with the ultimate goal of empowering the billions of people that are part of the unbanked / underbanked environment. Over 3 million users currently use Paxful to buy and sell Bitcoin with 300 + different payment methods.
Image Source: Shutterstock