AAX Exchange, the first crypto exchange to use London Stock Exchange Group (LSEG) Technology announces the addition of fiat currencies as payment options including US dollar, Chinese Yuan, and Hong Kong dollars on its over-the-counter (OTC) desk allowing users to trade safely on the peer-to-peer platform.
Additionally, the exchange also announced partnerships with multiple payment gateways including Epay, Coinify, Mercuryo, and Xanpool to support over 20 types of fiat currencies on their Fast Buy platform.
A growing need for fiat gateways
The cryptocurrency ecosystem is gradually growing in numbers and volume with innovations such as DeFi, token governance, yield farming etc. causing a rush to own crypto. AAX, an accredited crypto exchange is stepping up to offer new entrant a fiat-crypto gateway to ease their trading and draw maximum value and utility across the platforms.
Despite the massive steps in crypto adoption, liquidity remains a big hindrance for crypto as a global investment vehicle – cash still rules, at least for investors. But even from a use case perspective, for crypto to serve the billions of unbanked, enlist more merchants and see overall adoption, the linkage between cryptocurrency and fiat is key.
Slow but steady growth
Over the past few years, the crypto space has welcomed a number of traditional finance firm with an aim to bridge the liquidity gap by providing stable fiat to crypto on- and off-ramps.
Furthermore, innovations have come up in the fiat to crypto payments sector with payment providers such as Epay, Xanpool, Simplex, and Coinify creating fiat on ramps supporting almost all fiat currencies in the world.
AAX Exchange, now partnering with Epay, Coinify, Xanpool, and Mercuryo, offers multiple fiat currencies on its marketplace, Fast Buy, allowing the fastest and low fees trading. Users can now buy and sell crypto instantly using fiat including the USD, GBP, EUR, JPY, CNY, RUB, HKD, SGD, among others.
The exchange lists more than 20 top crypto-to-crypto trading pairs, with new coins listed every month. It also operates futures markets listing perpetual contracts for Bitcoin and Ethereum.
OTC trading at its finest!
On AAX’s OTC platform users can buy and sell Bitcoin, USDT and Ethereum from other users and merchants for HKD, USD and CNY. Payments can be made with bank transfer, WeChat, PayPal and a whole range of other easy methods. Its peer-to-peer, meaning between users, but AAX provides oversight – so deals can be made in a safe way.
Notwithstanding, AAX exchange introduces a new payment system, Red Packet, that allows users to directly send funds (in any denomination) to a recipient’s account through their phone number.
A statement released to Coingape on the Red Packet reads,
“If you have an AAX account and you want to pay someone, you can send them a “red packet” with funds of your choice, by transferring it to their phone number. If they then open an account with AAX, with their phone number as point of contact, they will find the funds in their wallet. “
AAX is forging more partnerships with to create new payment channels and gateways to make it easier for the global population to ender the crypto ecosystem.