Paxful partners with Onramp.Money to Introduce fiat-to-cryptocurrency service in Kenya
The Paxful-Onramp.Money link-up lets users buy crypto instantly with local money in 30 regions. Paxful says the deal improves liquidity on its platform.
Peer-to-peer (P2P) trading platform Paxful has partnered with fiat-to-cryptocurrency provider Onramp.Money to power instant digital asset purchases for the former’s customers.
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The details
- This partnership will introduce a new feature on the Paxful wallet that will enable the purchase of cryptocurrency directly with fiat.
- According to Paxful, the new feature is available in 30 regions, including Vietnam, Mexico, Colombia, Brazil, and Kenya.
Key quote
- A Paxful’s statement reads:
“Onramp.Money’s ‘direct buy’ integration offers Paxful traders practically unlimited cryptocurrency supply, immediately improving available liquidity options on Paxful’s peer-to-peer marketplace.”
Zoom out
- The peer-to-peer cryptocurrency trading landscape in Africa has been facing myriad challenges since the market downturn of 2022. Bitcoin P2P platform LocalBitcoins shut down in February 2022, citing market conditions.
- In April 2022, Paxful, the subject of this story, also suspended operations, citing regulatory uncertainties in the United States and key staff exits. One month later, the company resumed operations, albeit without the involvement of former CEO and co-founder Ray Youssef.
- In May 2022, the company appointed Roshan Dharia as the interim CEO, who now appears to have been confirmed as Paxful’s chief.
