Kenya is leading the growth spike, with nearly 1,200 trades created in July 2022, and more than 27.44 million KES changing hands (equivalent to more than US$230,000)
Other top African countries on LocalCryptos include South Africa, Nigeria, Morocco, and Ethiopia, all of which have seen significant growth in peer-to-peer trading markets this year.
Despite the recent Bitcoin price decline, which has dropped around 23% in the last 90 days, the amount of BTC traded using LocalCryptos, in that same period, increased by:
130% in Nigeria
22% in South Africa
In terms of payment methods, in Kenya:
M-PESA, a popular mobile money service, remains the most common choice for LocalCryptos traders in Kenya
P2P crypto trading volume using M-PESA has nearly doubled in July 2022
Other popular payment methods for crypto traders in the region include:
Traditional bank transfers
Western Union, and
Other mobile money services such as Airtel
LocalCryptos currently lists 17 payment methods to exchange local currencies for crypto in Africa.
Commiting to encouraging access to crypto in the region, LocalCryptos recently added Chipper Cash as another payment method available to African peer-to-peer traders.
In a region where as many as 57% of the population have been reported to being ‘unbanked’ – not having access to a bank account – the growth of LocalCryptos in Africa has highlighted the hunger for self-custodial crypto wallets and decentralized marketplaces that empower individuals to take full control of their crypto assets.
LocalCryptos Co-Founder, Michael Foster, says:
“LocalCryptos has always been popular among Kenyans since our inception in 2017. It is great to see other African countries jumping on board too.”
– Co-Founder, LocalCryptos
The collapse of several prominent centralized crypto lending services, combined with soaring global inflation rates, has contributed to the growing trend of peer-to-peer trading.
Despite the warnings, users who still trade on centralized exchanges are giving up control of their funds and putting their crypto at risk of theft or mismanagement. Along with greater financial education, it’s important for crypto users to understand the difference between traditional custodial crypto services, such as exchanges, and their newer non-custodial rivals. Keeping in control of your private keys is an often overlooked advantage when it comes to buying and using crypto, and unfortunately, many people realize this too late.
According to Chainalysis, crypto criminals stole a record US$11 billion worth of cryptocurrency in 2021 – with roughly $2.5 billion of that attributed to fraudulent centralized exchange, Thodex, whose CEO disappeared soon after the exchange stopped honoring withdrawals.
LocalCryptos currently offers 5 cryptos to choose from:
Bitcoin Cash, and
with more in the works.
While Bitcoin and Ethereum are the most popular, Litecoin has also seen a recent surge in volume, up by 118% in Africa over the last 2 weeks.
With over 2,000 active offers in Africa, LocalCryptos remains one of the safest ways to buy or sell crypto peer-to-peer, with users having the assurance that they are not giving up custody of their crypto to a third party.
LocalCryptos is a leading crypto marketplace that provides a safe platform to conduct peer-to-peer crypto transactions using a cutting edge non-custodial escrow service. Launched in 2017 with an emphasis on security, LocalCryptos now has over 400,000 users in 100+ countries.
Users of LocalCryptos buy and sell crypto directly from each other. In contrast to a traditional exchange, peer-to-peer marketplaces don’t process fiat payments or operate an order book. Rather, an escrow system holds cryptocurrency in trust while payment is made outside the platform via one of the 40+ available payment methods.