In a recent BitKE webinar, LocalBitcoins has revealed that it gained over 10, 000 new users in Ethiopia which was a 500% growth in user numbers compared to 2019.
LocalBitcoins is one of the largest P2P Bitcoin marketplaces in Africa and East Africa is showing impressive growth in both new users and trading volumes.
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While Kenya dominates in East Africa, both in users and volumes, below are just some of the growth numbers on LocalBitcoins in East Africa in 2020:
- Kenya – 50, 000 new users (Over 100% YoY)
- Ethiopia – 10, 000 new users (500% YoY)
- Uganda – 5, 000 new users (30% YoY)
- Tanzania – 10, 000 new users (30% YoY)
- South Sudan – 295 new users
- Somalia – 2, 000 new users (from almost 0)
On average, about $35 million is transacted on LocalBitcoins across Africa with Kenya being the second-largest market for LocalBitcoins on the continent.
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NB: Look out for the full webinar video dropping soon on BitKE
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RECOMMENDED READING: [WATCH] The President of Tanzania Urges the Central Bank of Tanzania to Prepare and Start Looking into Cryptocurrencies
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