Paxful has integrated BiLira (TYRB) as the peer-to-peer crypto exchange expands its payment methods, now allowing users to buy and sell Bitcoin and Tether against the stablecoin backed by Turkish Lira.
The BiLira token is based on Lira fiat reserves that are held in custodian accounts. The use cases for this stablecoin includes facilitating onboarding for crypto exchanges and providing a tokenized method to raise funds for crypto startups.
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The integration will now allow users to utilize Paxful’s peer-to-peer trading network directly to purchase BTC and USDT with over 300 payment options involving 160 fiat currencies into their accounts. The list of supported currencies includes Russian Ruble (RUB), Vietnamese Dong (VND), Indonesian Rupiah (IDR), Nigerian Naira (NGN), Colombian Peso (COP), British Pound (GBP), Mexican Peso (MXN), Canadian Dollar (CAD), Euro (EUR), and Argentine Peso (ARS).
The move comes as Paxful continues to branch out from operating as a bitcoin-only platform since its launch in 2015, having recently added support for the Tether (USDT) stablecoin.
“BiLira, acting as a ramp for peer-to-peer marketplaces, will make cryptocurrencies more accessible to the locals, especially backed by such a reputable marketplace like Paxful, we can see this going far,” said BiLira COO, Vidal Arditi.
Paxful’s Virtual Bitcoin Kiosk grants users the ability to match instantly with sellers that meet the criteria of their trading needs based on currency and payment method. Additionally, the company’s customers benefit from its collaboration with crypto exchanges as they are granted access to a variety of trading options, such as spot, margin, and futures on their partners’ platforms.
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“We’re excited to partner with Bilira and add TRYB as a payment option to the platform. Paxful’s mission is all about financial inclusion and with a new fiat-backed stablecoin, we’re giving even more users access to global digital networks and a safe alternative to traditional banking systems,” said Ray Youssef, CEO and co-founder of Paxful.
Paxful’s support of hundreds of payment methods is its key differentiator and major selling point, particularly in countries that apply restrictive banking rules. In such nations, residents of this country can use gift cards to buy bitcoin via Paxful to fund their accounts.
However, Paxful has recently sent notice to its customers that it will no longer offer its services in Venezuela. The company’s decision to cease operation in the country, which leads the Latin American region in terms of crypto volumes, was apparently related to sanctions imposed by the United States on Venezuela.
Aside from Paxful and the similar P2P exchange, LocalBitcoins, Binance and KuCoin were among the few cryptocurrency exchanges serving users in hyperinflation-ridden Venezuela.