This is an impressive feat considering the recent crypto ban by the Central Bank of Nigeria (CBN) in February 2021 which required all financial institutions and deposit-taking firms from transacting with crypto exchanges.
As of April 2021, the top 4 markets for Paxful include:
Speaking about this milestone, Ray Youssef, CEO, Paxful, said:
“We’re on track for an over 20 per cent increase in volume this year. We are seeing growth in all our markets and especially among groups or in countries where there’s a real need for cryptocurrencies: where the traditional financial system is failing people, whether that’s because of extreme volatility, strict capital controls or high transaction costs.
“People are looking for freedom from these constraints and find that in cryptocurrencies. So, there’s a real increase in people using cryptocurrencies for their original purpose – as currencies and not just as a speculative asset.”