In spite of a fluctuating market, peer-to-peer (p2p) Bitcoin marketplace Paxful saw an upswing in activity driven by African consumers. Africa conducted 6.5 million trades in 2018 — an average of 17 000 trades a day.
Paxful aims to change the perceptions that held back consumers in Africa by reassuring Kenyans that its trade principles place security at the center of all operations to cultivate confidence in BTC trading.
Paxful team is optimistic about 2019 and share their expectations about the crypto world. Ray Youssef, Paxful Co-founder, and CEO said:
“Africa accounts for the highest number of new subscribers to the Paxful portal per month with the total number of transactions from African consumers at roughly KSh 7 billion per month, culminating in an increase of 225% new users in the last 12 months. Africans are using cryptocurrency to satisfy both personal finance needs and entrepreneurial ventures; transferring goods, services, and money domestically as well as globally. There is also an emerging generation of Africans buying crypto as investment vehicles into promising blockchain startups.”
The exchange also plans to grow its #BuiltWithBitcoin charitable program to encourage the cryptocurrency sector to contribute funds for humanitarian projects with a focus on building schools and providing bursaries for disadvantaged children.
According to Ray Youssef, countries around the world are now taking a closer look at how to contend with the rise of the crypto economy.
“We expect more activity in the policy development space in the next few years in line with digital currency acceptance. From a Kenyan point of view, technology and productivity intertwine, and this offers the convenience that the underbanked seek in digital banking,” – he stated.