Business 6 March 2019Dennis Wafula
Paxful and BitMart partnership to help unbanked people in Africa
Paxful, a peer-to-peer crypto marketplace, announced an integration with BitMart, a premier global digital asset trading platform, according to an announcement made on February 21.
According to the press release, the two companies formed a partnership in the hopes of increasing liquidity and scalability. The newly created partnership will allow users to make payments via Paxful on the BitMart platform.
Reportedly, users on the Paxful platform will now have access to one of the largest digital asset trading platform, over 180 additional trading pairs and increased visibility. BitMart’s customers will also be able to get more payment features through the Paxful platform.
While speaking on the partnership, Ray Youssef, the CEO, and co-founder of Paxful stated:
“We’re happy to integrate with BitMart in efforts to bring more trading options to emerging markets. It has been our mission to provide financial freedom worldwide, and we see this as the next big step in the financial revolution.”
The two companies explained that the purpose of this integration is to provide education and opportunities to the unbanked, under-banked and overbanked people. This, they hope will enable them to participate in the growing peer-to-peer financial ecosystem. Sheldon Xia, Founder, and CEO of BitMart stated:
“An integration with a revolutionary company such as Paxful gives us the opportunity to bring digital asset trading to those who would otherwise not have had the access. With this integration, investors will have direct access to multiple payment approaches including bank transfers, debit/credit cards, gift cards, and cash deposits, lowering the barriers to entry for new adopters of digital currency investment.”
The company explained that according to records by the World Bank’s Global Financial Inclusion Database, two million people across the globe are entirely unbanked. From the two million, 20% receive wages or government transfers in cash. In the record, women make up about 55% of the unbanked people. The documents also note that from the periods between 2011 and 2014, the number of people with bank accounts globally grew from 51% to 62%.
BitMart has been in business for the last two years. So far, the platform has gained nearly 700,000 clients. With this new partnership, these numbers are expected to increase.
Last month, Paxful committed to building more schools in Africa. The schools are aimed at helping unprivileged children get education. It is also aimed at increasing crypto awareness across the continent.
Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.
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