October 7, 2020

Paxful partners BuyCoins to strengthen crypto transaction in Nigeria


By Providence Emmanuel

The global peer-to-peer crypto marketplace, Paxful has entered into partnership with BuyCoins as part of its localization efforts to add Naira token (NGNT), a naira pegged stablecoin as a payment method to the platform.

With this partnership, users will be able to buy and sell Bitcoin (BTC) and Tether (USDT) using NGNT.

While Paxful is a people-powered marketplace for money transfers with anyone, anywhere, at any time with a mission to empower the forgotten four billion unbanked and underbanked around the world to have control of their money using peer-to-peer transactions, BuyCoins is a crypto currency exchange for Africans.

They create products and platforms that empower Africans to access and use crypto currency easily. One of those is an organization in collaboration with other partners called Token Mint, which manages the Naira Token (NGNT).

In a statement, Chief Executive / Co-founder, BuyCoins, Mr. Timi Ajiboye, said that the collaboration with Paxful is an exciting step for the NGNT community, saying: “ It opens up new opportunities and use cases for NGNT and will help to increase trading activity within the crypto ecosystem in Nigeria.

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“Built on the world’s leading smart contract platform, the Ethereum blockchain, whose open-source and transparent stablecoin framework allows fiat to interact with smart contracts, gives cryptocurrency dealers the ability to transact with the Naira across the blockchain. NGNT is backed by Naira 1-to-1 meaning that one NGNT can always be redeemed for one Naira, giving the much-needed stability in contrast to usually volatile digital currencies.”

Also, Chief Executive and co-founder of Paxful, Mr. Ray Youssef, said that the addition of naira token on Paxful will facilitate easy and speedy cross-border transactions while increasing the scope of trading on the platform.

He stated: “With the Naira Token users can perform fast, publicly-verifiable, borderless transactions with a fiat equivalent, which is important to our users. Nigeria is one of Paxful’s leading markets. We’re excited to partner with BuyCoins to make this payment method available on our platform.”

However, Nigeria is also becoming one of the fastest-growing crypto markets in the world. With the growing demand for crypto and the national currency’s devaluation, there is a surging demand for stable digital currency to combat the volatility associated with Bitcoin and Naira.