The Paxful team was in Nairobi, Kenya, recently and we had a sit-down with the CEO, Ray Youssef, to discuss his recent African trip, his thoughts on crypto, and why Africa is particularly interesting to him.
Speaking on trading volumes in Africa, Ray revealed:
“Nigeria is our second biggest market overall, and the largest in Africa. Ghana comes in second. Other markets are South Africa and Kenya.”
Speaking on the lessons learned from the African market, Ray credited the Nigerian market in helping them better grasp how bitcoin is having real uses in Africa in comparison to the West.
He mentioned inflation and remittances as key real use cases brought on by the limitations imposed on online credit card use. For example, currency wars in Nigeria have limited entrepreneurs from doing import business due to limited dollar circulation. As a result, some have been able to grow their businesses using bitcoin P2P finance.
Some of the real use cases the Paxful team has seen in Africa for Bitcoin include: