Paxful, one of the top cryptocurrency escrow service provider in the Nigeria partners with Binance to offer easier naira and other fiat gateway for its users.
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The top escrow service provider will facilitate fiat gateway transactions for cryptocurrency traders im over 167 countries.
Currently, the Russian ruble, Vietnamese dong, Indonesian rupiah, Nigerian naira, Colombian peso, British pound, Mexican peso, Canadian dollar, euro are readily available.
Moreso, in a bid to extend its escrow service, Paxful will offer direct access to Binance digital asset trading for its users. It will also create a fair trading price for its users in Nigeria.
Moreover, this might be a new shift by Paxful in a bid to recover a shunk of its Nigerian traders lost due to its recent high fee charge and identity verification issues. Notwithstanding that over 50 percent of its trade in giftcards comes Nigeria. Nigeria also has the highest trading volume on Paxful in Africa.
Ahlborg estimated that Nigerians account for “likely 50% or more” of Paxful users who trade gift cards. Out of about $65m in giftcard trades processed through Paxful in October 2019, $32.5 million of it came from Nigerians.
Also around April some users of Paxful reported losing their funds to the Virtual Bitcoin Kiosk. United Global Resolve for Peace, a Non-Governmental Organisation (UGRP) had previously written to EFCC on account deactivation of some users who have passed the Identity Verification process.
The escrow service provider has lost most of its loyal Nigeria traders to Coincola, a growing crypto trading escrow service provider. Also, localbitcoins saw an increase in new users from Nigeria with an increased trading volume from the country according to Coin.dance.