Over 47 percent of cryptocurrency trading transactions made in Nigeria are made through the cryptocurrency exchange platform, Binance.
Reports indicate that the market volume of Binance had scaled up from 39 percent in January.
According to a report by ‘CryptoMonday’, “Binance’s growth at a time the crypto market is contracting is a testament to the confidence it inspires in its users,”
“Binance’s dominance is due in part to its low fees, a wide range of altcoins, and strong security measures. Besides, it’s also one of the few exchanges that allow P2P trading making it the go-to exchange for many cryptocurrency traders.” the report said.
Earlier this week, Binance added nine Nigerian banks to its peer-to-peer platform (P2P) as part of efforts to address the shortcomings associated with the use of the platform.
This is as it sought recommendations from users on other local methods which they would like to see on the platform.
According to Binance, this development will reduce delays in payments through the platform.
This is in addition to reducing transaction fees.
The banks listed included Access Bank, Ecobank, Fidelity Bank, First Bank of Nigeria, FCMB, GTBank, Keystone Bank, Stanbic Bank, Standard Chartered Bank, Sterling Bank, Zenith Bank, and Union Bank.
Peer to Peer trading refers to the direct swapping of digital assets by two consenting parties. Binance created its P2P in late 2018.
Through P2P, Binance aims to facilitate Bitcoin exchange transactions using local currencies.
The platform supports the trading of BTC, ETH, BNB, BUSD, USDT, and DAI. It also offers more than 300 different payment methods and supports more than 70 different local currencies.