Paxful partners with Bnext to help drive financial inclusion in Mexico

By Pavithra R

Paxful, global peer-to-peer cryptocurrency marketplace has announced partnering with Bnext, the first Spanish neobank, that challenges the traditional banking system.

The partnership is built on the common cause both the companies work for: giving people the power to make their own financial decisions.

A recently published report highlighting the intense growth of 342% in the exchange of cryptocurrencies locally, from September 2019 to May 2020 says Mexico’s strict banking regulations force more people to turn to cryptocurrencies. Online wallets also took a hit as the new banking laws drove PayPal out of the country, forcing the locals to resort to digital money for remittances and purchases. 

Bnext, following a successful expansion in Mexico, is hoping to give more Mexicans access to financial services, supporting Paxful’s overall mission of global financial inclusion.

“At Bnext we are always looking for business partners that provide innovative alternatives to our users and Paxful is one of them, as it allows people to exchange crypto assets in a very interesting way,” says Cristian Huertas , Country Manager for Bnext Mexico.

With zero account opening or maintenance fees, the users will benefit from 3-5% cashback on various streaming services and digital stores. The card will enable Paxful users to withdraw cash from any ATM in Mexico or abroad free of commission while Bnext cardholders will experience frictionless ability to buy and sell cryptocurrency on the Paxful marketplace.

“At Paxful, we are delighted to have Bnext on board in our mission to bring financial inclusion closer. Together, we work to offer a safe banking alternative to the Mexican population, while making cryptocurrency trading more accessible globally. It’s about joining forces with the right partners, for the right reasons,” says Ray Youssef , CEO and co-founder of Paxful.

The addition of Bnext to Paxful’s extensive list of over 300 payment methods enhances Paxful position while giving Mexican users the ability to buy and sell Bitcoin (BTC) and Tether (USDT) and hedge funds on the Paxful platform. Each Paxful user who registers with Bnext bank gets a free Debit Card preloaded with 100 MXN and delivered for free. 

Founded in 2015, Paxful is a people-powered marketplace for money transfers with anyone, anywhere, at any time. The company’s mission is to empower the forgotten 4bn unbanked and underbanked around the world to have control of their money using peer-to-peer transactions. According to company data, Paxful has hit 4.5 mn registered wallets, reached 4.6 bn USD in trading volume, and reduced dispute levels to under 1%.