The CEO of Paxful, a peer to peer lending platform , Ray Youssef has said the global community should start looking into Africa and as a matter of fact Nigeria saying the country is a destination to explore and exploit.
The CEO added that a number of transactions on Paxful in Africa, combined with Google searches primarily from Nigeria, has shown that their is a “tremendous momentum” around cryptocurrency adoption in the black continent most important Nigeria.
He therefore said “Africa’s leading [in] global cryptocurrency adoption, which is tremendous and extra ordinary and ould be favourable for investors in the ecosystem.
Youssef said According to data at hand, Nigeria is Paxful’s biggest market to date, with around 1.5 million users and $1.5 billion in trade volume. Thanks to Nigeria’s tricky exchange rate policy, inflation and large number of unbanked adults, cryptocurrencies like bitcoin are increasingly used as an alternative store-of-value.
It would be recalled that earlier this year, the Central Bank of Nigeria (CBN) had ordered local banking institutions to identify and shut down any accounts tied to crypto platforms. The order was met with a swift backlash and the CBN has somewhat eased its position since then. However, Nigerian users quickly switched to trading on peer-to-peer platforms like Paxful to avoid interacting with local banks therefore increasing and boosting the revenue generation of paxful.
He maintained that this giant stride is just a little out of the numerous of things to come from the country, stressing that he has begun seeing what Africa is capable of doing. Meanwhile referring to how Young Africans despite the limitations by the government have built their own financial network,” Youssef said the doggedness and the financial smartness in the country is thrilling.
Youssef added that, in addition to leading markets like Nigeria, new markets are also blowing up” every day, saying he expects Cameroon and Ethiopia to be strong contenders for emerging crypto markets in the next few years.
Meanwhile, a representative for Paxful said the platform expects to see 120% growth in users and 142% growth in trading volumes this year based on linear projections from 2020.
He therefore said the company is projecting to see 72% growth in users and 84% growth in trading volumes in Ghana. Which is pointing to the fact that Africa is the next destination and Paxful is so interested in the black continent