The collaboration will facilitate Paxful’s Mexican clients to utilize their crypto holdings to settle bills at any domestic or international vendor point-of-sale (PoS) with a debit card, and also withdraw cash from ATMs, devoid of fees.
Bnext clients will be able to have straight forward access to P2P marketplace to purchase and sell cryptocurrencies. Paxful detailed in its announcement that “strict banking regulations” in the country are paving way for adoption of cryptos. Statistical data provided by cryptocurrency exchange Bitso indicated a 342% rise in the cryptocurrency exchange volume between September 2019 and May 2020.
Ray Youseff, CEO and co-founder of Paxful, termed the collaboration as a crucial step forward in achieving financial inclusion:
“At Paxful, we are delighted to have Bnext on board in our mission to bring financial inclusion closer. Together, we work to offer a safe banking alternative to the Mexican population, while making cryptocurrency trading more accessible globally. It’s about joining forces with the right partners, for the right reasons.”
Bnext is the recent inclusion in Paxful’s list of over 300 modes of payment, facilitating Bitcoin (BTC) and Tether (USDT) purchase and sale by Mexican customers in its platform. Notably, a July survey indicated that Colombia, Argentina, and Mexico are three of the six countries with maximum cryptocurrency users in the world.