According to Paxful’s Head of Market Insights, Brian McCabe, the high volatility in the month of March 2020, which also saw the sharpest drop in Bitcoin price in 24 hrs since 2011, has not slowed down volumes.
Speaking on the use cases for Paxful in Africa and other emerging markets, McCabe added:
“At the moment we see most people using our platform for remittance. A remittance is a transfer of money, often by a foreign worker to an individual in their home country. The second most popular use case is wealth preservation. In countries where hyperinflation adversely impacts the value of the currency, some customers prefer to buy bitcoin to protect the value of their money.”
These statistics come as no surprise to Paxful users. As opposed to traditional exchanges where it’s mostly about making money and exploiting market volatility, peer-to-peer platforms like Paxful operate on real-life use case, like remittance and e-commerce, where a lot of usage is taking place across different industries.