For years, many voices have maintained that Bitcoin (BTC) is more likely to be adopted in developing countries than elsewhere. Most African countries are in this lot. A few months ago Jack Dorsey (CEO of twitter) made a bet on Africa when it comes to crypto investing. Today, a paxful review confirms that Africa has a strong presence in the bitcoin adoption race.
Three African countries in the top 10
It is a fact. Nigerian users have reportedly exchanged over 60,215 bitcoins worth over $ 500 million on Paxful. This places the country in second position in the world after the United States. In Uncle Sam’s country, there are more than 535,000 bitcoins (BTC) traded on the same platform.
While Nigeria’s achievement is to be noted, it is important to note that it is not the only African country on the podium. Indeed, the continent is represented by three countries in the top 10. Kenya occupies seventh place for 5,895 bitcoin traded followed by South Africa which is content with tenth place for a volume of 2,121 bitcoins (BTC) .
New el-dorado for platforms
The dark continent is gaining more and more attention from crypto trading giants. A few weeks ago, binance recorded a volume of 280 million dollars on its Peer to Peer platform in Africa.
Just yesterday, its CEO Changpeng Zhao said Africa will play an important role in the evolution of the crypto ecosystem. In an exchange with our colleagues from Globalcrypto he even affirmed his intention to launch a new service on the continent.
We are probably going to launch a payment service in Africa. We believe there is a strong demand for this.
Binance is not alone in wanting to invade the African crypto market. Recently Chipper Cash, a widely used payment network on the continent, raised $ 30 million to integrate bitcoin into its ecosystem. This without forgetting the recent partnership between paxful and a Nigerian bank in order to use its infrastructure to provide access to new payment methods and to get hold of new customers.
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It is curious that Africa continues to be talked about in the crypto ecosystem. The continent is recording successive records and here we are not only talking about speculation but real transactions between individuals. This may suggest that bitcoin is finding more use in Africa than anywhere else. At this stage, it’s hard to say, but the future will probably tell.
Hi, this is Glory. In 2014 I heard about bitcoin. The interest was not there until the end of the bubble of 2017. Since then, I have studied the subject with passion while sharing my little discoveries with the community.