Paxful Hits $5 Billion global market Volume, The P2p Crypto exchange in Nigeria passes six million users worldwide, anticipates 20% growth in 2021.
In a statement recently released by Paxful’s Executive Officer with the title “Nigeria emerges as Paxful’s biggest market, hits $1.5 billion in volume with over 1.5 million users in Africa’s most populous country”.
The Chief Executive Officer and Co-founder of Paxful, Ray Youssef, explained that “Our mission at Paxful is to give everyone equal access to finance, no matter who they are or where they are so they can control their own money and build the future they want with financial freedom.
“The financial system is failing 99 percent of the world’s population; it is disconnected and out of date; this means there is no way out of income inequality for a lot of people in the world.
With cryptocurrencies, we see an alternative: a way to rest the financial system based on equality.”
He added that “We are on track for a 20 per cent+ increase in volume this year. We are seeing growth in all our markets and especially among groups or in countries where there’s a real need for cryptocurrencies: countries where the traditional financial system is failing people, whether that is because of extreme volatility, strict capital controls, or high transaction costs.
As of April 2021, the top 5 countries by trade volume on Paxful are Nigeria, China, U.S, India, and Kenya. The global Crypto trading and peer-to-peer Crypto exchange platform stated that its latest release shows Nigeria is now its biggest market with an impressive volume that stands at $1.5 billion as of writing this publication. You should also know that Nigeria is the second Bitcoin market in the world.
It further announced that over $5 billion had been traded to date on its platform, and it now has over six million users worldwide.
The massive surge in the number of Crypto users and peer-to-peer crypto transactions in Nigeria has been increasing, considering the recent ban on Crypto by the Central Bank of Nigeria. This move by the CBN only seems to drive the teeming youth to become more aware of Cryptocurrency’s opportunity.
What is Paxful p2p crypto exchange?
Paxful is a global peer-to-peer cryptocurrency trading platform where you can quickly and safely transact digital currencies with millions of users, using more than 350 available payment methods to buy and sell.
Founded in 2015 by Arthur Schaback and Ray Youssef, Paxful’s mission is to help everyone have equal access to finance no matter who or where they are.
Paxful is headquartered in New York, with offices in Estonia, the Philippines, and Russia. The team number has doubled in size over the last 12 months, growing to over 400 staff.
Paxful connects you to almost any financial network globally, from digital currency to gift cards to bank transfers. The platform has some of the most traded digital assets in the world, including Bitcoin (BTC), Ethereum (ETH), and the recent inclusion of Tether (USDT), the world’s largest stable coin by market value, is poised to assist users in combating a volatile market, protecting their assets, and expanding their portfolio. This feat will position Paxful as one of the biggest crypto exchanges in Nigeria.
The industry has seen a surging demand for a stable digital currency amidst fears of an economic recession in traditional and digital markets. In the last 12 months, Tether has established itself as a champion amongst stable coins, with a market capitalization of over $13 billion.
Ray Youssef, co-founder and CEO of Paxful, set up the Built with Bitcoin Foundation to help developing communities access quality education and clean water through Bitcoin. The foundation has built four schools (two in Rwanda, one in Kenya, and one in Nigeria. The Built with Bitcoin Foundation is funded by Paxful and in part by donations from Paxful users.