South African cryptocurrency exchange OVEX, which specializes in over-the-counter (OTC) trading, this week announced a partnership with P2P Fintech Paxful. As part of the agreement, Paxful’s customers will be able to utilize OVEX’s Direct Transfer to Bank mechanism, which allows them to instantly convert their Bitcoin into fiat at the spot market price.
The companies are touting the development as a hedge against spikes in price uncertainty in a region known for them. Before more people can be encouraged to convert local currencies into crypto the markets need more liquidity, and this instant conversion capability addresses that problem.
Through the partnership with OVEX, Paxful’s customers will be able to quickly 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 BTC before agreeing on a locked-in conversion rate. The BTC 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. The platform breaks down the barriers of financial exclusion with its easily accessible cryptocurrency 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,” said 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,” added Ray Youssef, co-founder and CEO 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.”