Crypto platforms Ovex, Paxful join forces

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Ovex, a South African-based crypto-currency exchange platform specialising in over-the-counter trading, has partnered with Paxful, a peer-to-peer fintech platform.

As part of the agreement, Paxful’s customers will be able to utilise Ovex’s “Direct Transfer to Bank” mechanism, which allows them to instantly convert their Bitcoin into fiat at the spot market price.

In areas where an increasingly tech-savvy population has little trust in authorities and is wary of volatile national currencies, Ovex says a legitimate and stable crypto alternative to fiat works as a safe haven asset in a region where price uncertainty is rife.

It explains that, in order to encourage more people to convert their local currencies into crypto, more liquidity is required.

Allowing users to convert their digital currency into fiat instantly is the lynchpin for Africans who want to feel their crypto assets are liquid, says Ovex.

Through the partnership with Ovex, Paxful’s customers will be able to seamlessly convert their Bitcoin into fiat.

The agreement provides them with a direct link to Ovex’s “Direct Transfer to Bank” tool, where they deposit their Bitcoin before agreeing on a locked-in conversion rate. The Bitcoin is then converted into fiat and wired instantly upon request.

The partnership helps cultivate Ovex’s mission to provide opportunities for more users to join the market, says the company.

It points out that the platform breaks down the barriers of financial exclusion with its easily accessible crypto-currency exchange mechanism.

“We’re excited to enter this relationship with Paxful, who have become renowned for their ability to attract new users into the space,” says Jonathan Ovadia, CEO of Ovex.

“As we continue to improve our offering through enhanced liquidity, we can expect a persistent stream of new demographics entering crypto.”

“We’re very excited to announce this partnership with Ovex and leverage its expertise in South Africa,” says Ray Youssef, CEO and co-founder of Paxful.

“This service underscores Paxful’s mission to give everyone equal access to finance – and we will continue to make our users the central tenet of our business.”

Paxful is a peer-to-peer finance platform for people to make payments, transactions, and send money by buying and selling crypto-currencies as a means of exchange.

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