OVEX partners Paxful to enable Quick Bitcoin-Fiat Conversion for P2P Traders
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One of the leading South African crypto exchange platforms, OVEX, has collaborated with Paxful, another leading African peer-to-peer (P2P) fintech platform to provide a system called ‘Direct Transfer to Bank’ that allows users instantly convert bitcoin to fiat at the current price in the marketplace.
The ‘Direct Transfer to Bank’ mechanism allows users to agree on a conversion rate that has been locked in after depositing their bitcoin, then converts the bitcoin into fiat at the locked-in rate which is then sent to the user upon demand.
This will boost the confidence of people in Africa to buy crypto.
Speaking on the partnership, Jon Ovadia, CEO, OVEX, said “In areas where an increasingly tech-savvy population has little trust for authorities and is wary of volatile national currencies, a legitimate and stable crypto alternative to fiat works as a safe haven asset in a region where price uncertainty is rife.”
He further said the company seeks to provide off-ramp and on-ramp services to enable clients of Paxful trade on the platform and liquidate crypto as much as they can.
The partnership between OVEX and Paxful will not only give its growing African cryptocurrency community the means to convert bitcoin to fiat at a locked-in rate but it will also give them the opportunity to liquidate their crypto-assets instantly.
OVEX is a South African-based cryptocurrency exchange and over-the-counter (OTC) trading desk that allows people trade crypto while offering them an interest account that enables them earn interests on crypto balances.
Paxful is a global peer-to-peer crypto-trading platform that allows users buy and sell at their chosen rate.
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