Cryptocurrencies

$ 280 Million traded on Binance P2P in Africa – Cryptocurrencies

In our article on bitcoin buying platforms in Africa, we told you about the pimportant point occupied by Binance. As if to consolidate its position of strength, its P2P platform recorded a record amounted to 280 million dollars on the continent.

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Impressive growth

When we know that it was only last March that Binance extended this commercial branch (Binance P2P) to African countries, it is impossible not to realize that things are moving quickly.

“Peer to Peer trading is developing rapidly on the African market. Since the integration of the Nigerian Naira (NGN) in March 2020, Binance P2P has supported fiat-to-crypto trading for five African currencies, trading a total volume of $ 280 million so far. “– can we read on his blog.

Besides the Naira, the other currencies supported on the platform are the Kenyan shilling (KES), South African rand (ZAR), Egyptian pound (EGP), Moroccan dirham (MAD) and the Ghanaian cedi (GHS).

And that’s not all, through the voice of Changpeng Zhao, its CEO, responding to cointelegraph, the crypto-stock exchange announced its intention to make fiat-to-crypto exchanges possible with more than 180 fiat currencies. It will therefore come as no surprise to anyone if other African currencies land on Binance P2P soon.


Binance beats all the competition

Source: Chainalysis

In a study by Chainalysis, the exchange was already cited as the most used platform on the continent during the period from July 2019 to May 2020.

This new record once again demonstrates that it is gaining more and more ground and this not only as a centralized exchange as its P2P platform is becoming more and more essential.

The increase in its P2P volume is indeed giving a hard time to LocalBitcoins or Paxful the lion’s share so far.

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The African market is very dynamic and growing. The continent’s traders are more active than ever, notably thanks to the support of local currencies which make the user experience better suited to local realities. So the windfall is there for the exchanges and Binance seems to be aware of it. Africa is therefore a new platform for platform warfare and the battle has only just begun.

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