Leading peer-to-peer (P2P) cryptocurrency marketplace, Paxful, sealed the deal with Bnext, the first Spanish neobank that challenges the traditional banking system. Established just three years ago, Bnext won over 400,000 users and has all the potential to become the bank of the future. Paxful and Bnext work towards a common cause – giving the power to make financial decisions back to the people.
Mexico’s tough banking regulations compel more people to turn to cryptocurrencies, a recent report says, highlighting intense growth of 342% of a local crypto exchange from September 2019 to May 2020. Online wallets also took a hit as the new banking laws drove one of the largest providers out of the country, forcing the locals to resort to digital money for remittances and purchases. A recent report suggests that Mexico comes first in Latin America for retail crypto transactions, with nearly $50 million sent and received, implying a bright future for crypto adoption in the country.
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Following a successful expansion in Mexico, the Spanish fintech company 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 offer innovative solutions to our users. Paxful is one of them because it allows people to exchange crypto assets in a non-traditional way” says Cristian Huertas, Regional Manager for Bnext México.
With zero account opening or maintenance fees, the users will also 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 enjoy frictionless ability to buy and sell cryptocurrency on the Paxful marketplace. Bnext becomes a welcome addition to Paxful’s extensive list of over 300 payment methods giving Mexican users the ability to buy and sell Bitcoin (BTC) and Tether (USDT) and hedge funds on the Paxful platform.
“Paxful is delighted to have Bnext onboard in our mission of bringing financial inclusion closer. Together, we work to offer a safe banking alternative to the people of Mexico while making the global crypto trade more accessible. It’s all about joining forces with the right partners for the right reasons, and we’re happy to have such a progressive bankside with us” says Ray Youssef, co-founder, and CEO of Paxful.
To celebrate the achievement, the companies co-run two promotions exclusive to Paxful users in Mexico. Each Paxful user who registers with Bnext bank gets a free Debit Card preloaded with 100 MXN and delivered for free. The highlight of the partnership is “The Big Three” competition, rewarding top three Paxful vendors by volume who use Bnext as a payment method with $300 USD, $200 USD, and $100 USD respectively. The competition runs from 26 October to 29 November 2020.