Paxful exchange adds support for stablecoin BiLira (TYRB)

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Oct 8, 2020
  • Global P2P crypto exchange, Paxful, recently announced adding support for BiLira.
  • The stablecoin backed by Turkish lira can now be used for buying Bitcoin and Tether alike.
  • The move is very important, as it will allow more people to access the crypto industry and help push adoption.

P2P cryptocurrency exchange, Paxful, recently integrated BiLira (TYRB) — a stablecoin backed by lira. The move comes due to the exchange’s desire to expand its payment methods. As a result, users can now purchase or sell coins like Tether, and even Bitcoin, against the new stablecoin.

As mentioned, BiLira is a token backed by the Turkish lira, and based on the currency’s fiat reserves held in custodian accounts. The stablecoin makes the exchange — and therefore, cryptocurrencies themselves — more accessible.

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On top of that, it also provides a tokenized method for raising funds, which is expected to be very useful for crypto startups.

Due to lira support, users will now be able to use Paxful’s P2P network for buying coins directly, and choose one of 300 different payment options. Those involve 160 fiat currencies that can be stored into their accounts.

Some of the other major currencies that are supported include the euro (EUR), Canadian dollar (CAD), Russian ruble (RUB), and many others.

Paxful continues to expand

With the new move, Paxful continues to expand from being a Bitcoin-only platform, which it used to be back in 2015, when the exchange was first launched. As many may remember, it only recently added support for the world’s biggest stablecoin, Tether (USDT). Now, BiLira makes yet another coin that is offered to its users.

Paxful’s CEO, Ray Youssef, stated that the exchange is excited to team up with BiLira and add its crypto as a payment method. “Paxful’s mission is all about financial inclusion and with a new fiat-backed stablecoin, we’re giving even more users access to global digital networks and a safe alternative to traditional banking systems,” he said.

As many may know, the very fact that Paxful supports hundreds of payment methods is its biggest advantage. Because of this, it allows users from countries with highly restrictive banking rules to access crypto. Thanks to Paxful, such users can buy gift cards with fiat, and then use these gift cards to fund their Paxful accounts, and reach Bitcoin, and through it — the rest of the crypto industry.

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