In a recent blog post, Paxful, the peer-to-peer Bitcoin marketplace, revealed that Africa is the fastest-growing region and accounted for over 25% volume growth, which is a significant amount from the $1.6 billion that the company processed in trade volumes globally in 2019 alone. The company has been experiencing this steady growth from Africa year-on-year since its inception in 2015.
Paxful currently hosts over three million wallets, 45% of which are from Africa.
Following this tremendous success on the African continent, the company intends to spend a lot more time in Africa over the next few years. The aim is to continue to learn from its customers and provide them with the best possible peer-to-peer finance marketplace.
In addition to Nigeria, Ghana, South Africa, and Kenya as its leading markets on the continent, the company is seeing a steady increase in trading volumes in Zambia and Uganda is looking to accelerate these markets further.
“We are very, very bullish on Africa and believe it is critical to the future of the crypto-economy overall. While many parts of the developed world are fixated on speculative activity in the crypto economy, people in Africa are teaching us about the true use cases of bitcoin and the opportunity it presents for greater financial inclusion of the under-banked.
As a company, we want to do what we can to ensure that our platform continues to be a bridge to the global economy for our customers.” ~ Artur Schaback, Co-Founder and COO of Paxful.