On February 21, 2019, peer-to-peer bitcoin marketplace Paxful announced a partnership with trading platform BitMart for the purpose of vastly increasing the latter’s liquidity and scalability.
In a company statement, Paxful claimed that this project was initiated “in the hopes of increasing liquidity and scalability” across the entire crypto asset industry.
Paxful’s model for peer-to-peer transaction has made waves in the crypto space all around the world, with its CEO expressly claiming that a company goal is to use bitcoin for the world’s general welfare, and the company building schools in Africa in late 2018.
In a separate statement, Paxful claimed that it has recently seen trades in Latin America increase by 188 percent in Latin America, highlighting the potential for expansion in growing markets worldwide. A large percentage of these trades are used to make remittance payments between family members over international borders using an untraceable money system, so this mission of helping underserved markets can tie in naturally to Paxful’s own expansion.
This mindset can explain much about the new partnership. Paxful has a track record of using their peer-to-peer transaction method to help developing markets, but there are few actual crypto exchanges that operate with this technology. Now that BitMart is one of these, this integration will “bring more trading options to emerging markets by allowing them to obtain bitcoin on the Paxful platform.”
For Paxful and BitMart, this new cooperation will serve the interests of both companies while also making bitcoin more widely accessible worldwide. Customers will be able to become users of BitMart’s exchange, while taking advantage of the many financial options Paxful offers, such as gift cards, bank transfers, e-wallets, cash deposits and many others.