Over 1.5 Million Nigerians Have Traded Over $1.5 Billion (1/3 of Total Volume) As of April 2021, Says Paxful

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As Paxful celebrates a milestone of crossing over 6 million users to date and over $5 billion in trading volume, Nigeria stands out as its biggest market ever.

According to latest stats, Paxful now has over 1.5 million users in Nigeria who traded over $1.5 billion as of April 2021. This is almost a 1/3 of the total Paxful global volume of over $5B.

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SEE ALSOThe Central Bank of Nigeria Warns Financial Institutions Against Facilitating Crypto Payments with Crypto Exchanges

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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:

  • Nigeria
  • China
  • United States
  • India
  • Kenya

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.”

                    – CEO, Paxful

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RECOMMENDED READING: Paxful, Africa’s Largest P2P Bitcoin Marketplace, Partners with Xago, a South African XRP On and Off-Ramp

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