BuyCoins Africa, a hybrid Nigerian exchange, has reported over $17 million in trades in the month of May 2020 alone.
According to a tweet posted by Timi Ajiboye, CEO, BuyCoins Africa, the milestone makes May 2020 by far the best month ever for the exchange having smashed the previous record of $7.6 million per month.
Just crossed $17m crypto traded on @buycoins_africa in one month.
A few more days to go. Likely going to cross $20m at this rate. This May is crazy. By far the best month ever.
Second highest month was $7.6m.
I already cannot wait to beat this month.
— Timi Ajiboye (@timigod) May 28, 2020
BuyCoins Africa allows Nigerian users to buy and sell cryptocurrencies either directly from the exchange itself, or from other traders on its P2P platform.
SEE ALSO: Africa Becomes Second-Largest Region in P2P Bitcoin Trades After North America in May 2020
The coins traded on the exchange are:
- Bitcoin
- Ethereum
- Litecoin
- NGNT
The platform does not charge transaction fees. Traders only pay network fees when they transfer coins externally.
Buycoins provides a platform for buying cryptocurrencies directly from the exchange. However, you can also set your own Price per Bitcoin for others on BuyCoins to buy or sell from you. Coins are escrowed to ensure security and fast settlements.
The platform also recently introduced the Naira Token (NGNT), a stable cryptocurrency protecting platform users from cryptocurrency volatility. The token is pegged 1:1 with the Nigerian Naira and can be redeemed on the platform for Naira.
BuyCoins Africa also recently introduced the Credit Line exclusive feature which allows high volume traders on the platform to buy and sell BTC without having BTC or NGNT in their accounts. The Credit Line facility is programatically offered to select traders based on their trading activity with no application process required.
P2P bitcoin marketplaces in Nigeria and Africa as a whole have seen a huge upsurge in recent months and years, with more P2P platforms slated to roll out on the continent soon. A recent May 2020 report indicated that Africa is currently the most promising region for cryptocurrency adoption.
While P2P platforms like Paxful continue to record huge trading volumes, with Africa becoming the second largest region in P2P bitcoin trading volumes after North America globally. BuyCoins Africa is just one of these platforms leveraging on this huge African market that continues to record huge growth amid the current economic crisis.
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