— Paxful (@paxful) March 29, 2020
In a move to encourage more transactions and adoption of bitcoin, Paxful, Africa’s largest P2P marketplace, has dropped all transaction fees for trades below $20 on its wallet.
Paxful currently hosts over three million wallets, 45% of which are from Africa.
Paxful recently said it has added over 800,000 wallets in the past 12 months with the majority of the 15 million trades growth coming from African countries – Nigeria, Ghana and Kenya.
With the average transaction size on the platform being a little over $100, the drop in transaction fees is no doubt going to help bring more people onto the bitcoin and crypto space and help increase the use of crypto in everyday conversations.
As the coronavirus pandemic continues to take a heavy toll on African economies, the drop in transaction fees is obviously going to grow crypto usage similar to how a drop in mobile money and MPESA transactions has fueled growth in cashless transactions.
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