In an exclusive interview with BitcoinKE, Michael said:
“Right now, Africa makes up less than 10% of LocalCryptos activity. We hope to grow that number significantly throughout 2020. Kenya is the current leader in Africa with about 15 KES to ETH trades each day. Kenya accounts for 75% of all LocalCryptos activity in Africa, and 7% of activity worldwide.”
According to the CEO, LocalBitcoins volumes have dropped significantly in Africa due to the recent introduction of veritication tiers. By rebranding and enabling Bitcoin trades on the platform, he hopes these stranded strangers will now have a new home where their problems won’t be ignored or forgotten.
According to the CEO, Venezuela is the most popular country for LocalCryptos, largely due to its broken, mismanaged economy, and weak currency. Michael believes that Africa will quickly become one of their big markets since a lot of African countries share similarities with Venezuela including cultures and histories, in addition to having educated young people who are beginning to embrace cryptocurrency as an escape from the rapid inflation and a path toward a healthy and sustainable future.
Full interview coming soon – Look out for the full interview with LocalCryptos CEO, Michael Foster, exclusively on BitcoinKE