WASHINGTON (dpa-AFX) - Cryptocurrency exchange Binance teamed up with peer-to-peer Bitcoin marketplace Paxful to provide an additional option to its users to buy cryptocurrencies such as Bitcoin using multiple fiat currencies.
The partnership will see Paxful's web-based Virtual Bitcoin Kiosk being integrated and directly available on the Binance platform for new and existing users. This will enable Binance users to use Paxful's P2P trading network to buy Bitcoin (BTC) with 167 global fiat currencies. It will also allow them to make payments via Paxful on the Binance platform.
The currencies include Russian Ruble (RUB), Vietnamese Dong (VND), Indonesian Rupiah (IDR), Nigerian Naira (NGN), Colombian Peso (COP), British Pound (GBP), Mexican Peso (MXN), Canadian Dollar (CAD), Euro (EUR), Argentine Peso (ARS), and United States Dollar (USD).
The partnership will also provide Paxful's existing customers direct access to the Binance digital asset trading platform.
Paxful's Virtual Bitcoin Kiosk enables users to match instantly with sellers that meet the criteria of their bitcoin trading needs based on currency and payment method.
Customers of Binance will now have access to numerous new payment options to choose from, along with the alternative fiat payment methods available on Paxful, including local currency bank transfers and digital wallets.
In September, Binance had entered into a deal with London-based payment processing firm Koinal to add the option to buy cryptocurrencies such as Bitcoin using MasterCard or Visa debit and credit cards.
Koinal's proprietary exchange technology enables purchases via the customer's preferred payment method with the help of fraud monitoring and advanced encryption technology to protect payments.
In February, Binance had started allowing credit card purchases of major digital currencies, which was banned by some banks in February 2018. It signed an agreement with Israel-based payment processor Simplex to enable purchases with Visa and MasterCard credit cards.
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