BuyCoins Africa, a hybrid Nigerian exchange, has reported that it has hit $100 million in trades in 2020 alone.
According to a tweet posted by Timi Ajiboye, CEO, BuyCoins Africa, the milestone makes 2020 by far the best year ever for the exchange, having smashed the previous record of $17 million in the month of May 2020.
$100m in 2020 thus far 🚀
— Timi Ajiboye (@timigod) August 20, 2020
BuyCoins Africa traded about $26 million in 2019. So far, it has quarupled this figure.
BuyCoins Africa allows Nigerian users to buy and sell cryptocurrencies either directly from the exchange itself, or from other traders on its P2P platform.
The exchange has been releasing new products and product features throughout 2020. Some of these include:
- SendCash – AÂ new innovative product enabling Nigerians to easily send and receive bitcoins right into their bank accounts instantly with no signup process
- USDC Stablecoin support – The ability to buy, hold, an sell USDC on the BuyCoins app within minutes
- Naira Token (NGNT) Support – AÂ reedemable stable cryptocurrency protecting platform users from cryptocurrency volatility which is pegged 1:1 with the Nigerian Naira
The exchange has also been educating its users on how to use crypto to either purchase or subscribe to services that may not otherwise be accessible to Nigerian users thereby introducing its services and exchange to a new crop of users.
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PS There's a present somewhere in there for you🤫
Check it out: https://t.co/syN1KxLdcm
— Buycoins (@buycoins) August 15, 2020
The coins traded on the exchange are:
- Bitcoin
- Ethereum
- Litecoin
- NGNT
- USDC
Across Africa, we are seeing huge and growing adoption of cryptocurrencies with most of the exchanges reporting impressive growth numbers. Some of these include:
The massive crypto adoption across the continent supports Twitter CEO’s comments while in Africa when he said that ‘Africa is going to define the future of cryptocurrency, especially the Bitcoin one.’
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