Global peer-to-peer crypto marketplace Paxful partnered with BuyCoins as part of its localization efforts to add Naira token (NGNT), a Naira pegged stablecoin, 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.
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.
“This collaboration with Paxful is an exciting step for the NGNT community. It opens up new opportunities and use cases for NGNT and will help to increase trading activity within the crypto ecosystem in Nigeria,” said Timi Ajiboye, CEO & Co-Founder of BuyCoins.
The addition of NGNT 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. Nigeria is one of Paxful’s leading markets. We’re excited to partner with BuyCoins to make this payment method available on our platform,” said Ray Youssef, CEO, and co-founder of Paxful.
Nigeria is also becoming one of the fastest-growing crypto markets in the world. With the growing demand for crypto and the national currency’s devaluation, there is a surging demand for stable digital currency to combat the volatility associated with Bitcoin and Naira.