Nigeria’s cryptocurrency traded volumes on Paxful, a peer-to-peer trading site, topped $1.5 billion in the first four months of 2021, according to Paxful.
This sum accounts for nearly a third of Paxful’s overall global volume of $5 billion. Nigeria’s position as one of the exchange’s largest markets globally is reaffirmed by this latest traded volume number.
According to one estimate, the platform’s 1.5 million users created Nigeria’s most recent total traded volume figure. Paxful had 6 million users worldwide at the end of April. The United States, China, India, and Kenya are the exchange’s other big four global markets, in addition to Nigeria.
Meanwhile, the study includes Paxful CEO Ray Youssef’s thoughts on why cryptocurrency adoption is continuing to rise around the world. He said, ”
We see crypto-currencies as an option, a way to restore equality to the financial system. Paxful’s goal is to provide everyone with fair access to capital, regardless of who they are or where they live, so they can take control of their finances and create the future they want.
Meanwhile, this is the latest article to show that the Central Bank of Nigeria’s directive from February 6 failed to suffocate the country’s cryptocurrency industry. Despite the CBN order, Bitcoin.com News announced in April that Nigeria’s peer-to-peer volumes had increased. The new data also backs up recent claims that Nigerians are abandoning the country’s currency, which has been losing ground against major currencies.