LocalCryptos, the P2P platform formerly known as LocalEthereum, has said that Kenya is now its fastest growing market in Africa and the 5th largest in trading volume globally on the platform as of March 2020.
In a tweet, the company listed its top 7 largest African markets in volume size below:
The company also revealed that just in the last week of March 2020, African trading volume on LocalCryptos was up a whooping 35%.
From December 2019 to March 2020, weekly sign ups in Africa had tripled with Kenya again leading the pack.
“Kenya is at an all time high in trading activity on LocalCryptos. At the start of 2020, there were 15 peer-to-peer trades created in Kenya each day. In March, that number grew to 60 trades per day. That’s a giant increase of *300%* in only a few months.” ~ LocalCryptos
In an exclusive with BitcoinKE, Michael Foster, CEO, LocalCryptos, said:
“Kenya reached an all-time high in LocalCryptos trading activity in March, ranking it the 5th country in terms of trading activity. We’re proud to see Kenya become the first African nation in the top five countries on LocalCryptos by monthly trading activity. We said earlier that pushing crypto adoption in Africa is a key objective for us, and already we are seeing immense results.”
LocalCryptos lets you trade crypto with any payment method.
Here are the top 10 methods this week:
🟧 Bank transfer 🟦 PayPal 🟩 M-PESA (Kenya) 🟥 Alipay 🟪 Skrill 🟨 SEPA transfer (EU) 🟦 Cash deposit 🟩 UPI (India) 🟫 TransferWise 🟧 Western Union
According to Foster, the preferred payment method of choice for Kenya is MPESA with 55% of P2P transactions using this mode of payment. In the rest of Africa, PayPal, Chipper Cash, and domestic bank transfers are the top choices for peer-to-peer crypto traders.
In February, LocalCryptos added four new African payment methods to enable users purchase Bitcoin and Ethereum on the platform. This move apparently seems to be paying off.
“We believe the crypto revolution begins in Africa and Latin America. There’s already a rapid digital payments revolution underway in Africa, with the explosion of mobile money. Crypto is naturally the next stage in Africa’s financial revolution.
At the end of February, we added four new African mobile money services as payment methods on LocalCryptos, including MoMo, Chipper Cash, AirTel and EcoCash. This was the first step of many we’re making in 2020 to boost adoption in Africa.”
LocalCryptos is a peer-to-peer crypto marketplace with more than 100,000 users worldwide with traders in 100+ countries (Venezuela being #1). Kenya is the current leader in Africa.