Despite Market Crash Africa Is Leading Towards Crypto Adoption- Paxful

The data analysis from Paxful says despite the market meltdown, an interest over cryptocurrencies including Bitcoin in Africa is continuously growing at a rapid pace.

As per the reports by Paxful, a leading global cryptocurrency platform, Africa seems to enhance on an appetite for cryptocurrency services. Currently, Africa holds the largest number of Paxful new subscribers monthly.

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It also reports that this growing interest is not just for one city, state or country. However, it is exploding across the continent. Since last year, the transactions accomplishes on the Paxful platform coming from South Africa rises by 25%, Nigeria 60% and relating other parts of continent increases up to 100%. Considering, Africa as a whole, this platform experiences 225% growth in users within 1 year.

Regardless, the cryptocurrency demand now calculates by a marking rise in the age group falling between 18 and 30. Also, the average Bitcoin procurement is R871, whereas, the average transaction at Paxful wallet comes as R435. On the other side, the chief executive at Paxful, Ray Youssef was quoted expressing,

The adoption of Bitcoin across the globe re-affirms our belief that crypto will take its place as a mainstream financial system. As has been the case with other tech innovations, Africa is leading the peer-to-peer financial revolution. Our aim is to continue to partner with consumers to expand access to the global financial system

Moreover, the reason behind this growth seems to be the type of traditional banking infrastructure and lack of scale available. Because there are a majority of sections within the continent that are already using mobile money payment systems.

So, basically, this grabs millennial throughout Africa towards cryptocurrencies that will offer them cost-effective and convenient access regarding the global financial system. The CFO at Binance, Wei Zhou also recently share their growth prospect within the African continent,

A lot of the use cases for cryptocurrency — store of value, remittances, all of that — are in Africa. If we can leverage that into building a financial services provider on the continent, that would be amazing. Currently, only about 15 percent have access to traditional banking services.

Lastly, Africa seems to make a move ahead towards mainstream crypto adoption. In the coming future, it will grow with time enabling many people to associate with the upcoming crypto trading market.

What are your views on Paxful’s data analysis? Do share your thoughts on our Twitter and Facebook pages. 

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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