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 stable coin 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.
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 under-banked around the world to have control of their money using peer-to-peer transactions.
BuyCoins is a crypto currency exchange for Africans that create products and platforms that empower Africans to access and use crypto currency easily.
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.
He stated: “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/co-founder, 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.
“With the Naira Token users can perform fast, publicly-verifiable, borderless transactions with a fiat equivalent, which is important to our users,” he said.