Peer-to-peer bitcoin marketplace Paxful has announced a partnership with Airtm, a blockchain peer-to-peer exchange and digital wallet, to enhance the trading experience for people in developing countries.
Paxful launched in 2015 with the goal of bringing more financial inclusion to unbanked or underbanked populations through decentralised, peer-to-peer access to bitcoin. Since then, the platform has gained popularity, particularly in African countries.
Paxful connects bitcoin buyers and sellers on its platform, and 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 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,” comments Ruben Galindo, Airtm CEO. “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.”
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,” says 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.”