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Following the announcement of a disappointing closure of a Ugandan branch in October, Binance – the largest cryptocurrency exchange in the world – yesterday released a blog post indicating that another initiative, Binance P2P, is breaking into the second continent. most populous in the world.
Entitled “P2P Merchants: Facilitating Money Freedom in Africa,” the post highlighted the growth of the peer-to-peer exchange program in the region throughout the year, specifically stating that Binance P2P processed a total of $ 280. million equivalent local African currencies since March when the program introduced coverage for the Nigerian Naira (NGN).
Binance also claims that the program allows local traders in Nigeria, Kenya, South Africa, Egypt and Morocco to “make between $ 30 and $ 350 per day” by buying and selling cryptocurrencies to their colleagues in local fiat currencies. In a separate post, Binance also advertises that with Binance P2P, “it’s easy to run your crypto trade.”
This update follows the comments made by Binance CEO Changpeng “CZ” Zhao in May, where CZ called Africa an “untapped market” that presents both significant opportunities and unique challenges.
“We see the entire African market as a very key market,” he said. “I don’t think it’s very easy to buy cryptocurrencies in Africa right now in general, so we want to help improve this situation.”
In an interview with Cointelegraph in July, CEO of Nigeria-based exchange Yellow Card Chris Maurice offered a different view from CZ, indicating that growth is proceeding smoothly:
“As far as the crypto scene and everything is concerned, things are growing very rapidly, really across the continent, but particularly in Nigeria, South Africa, Ghana and Kenya,” Maurice said.
Furthermore, the data indicates that use in Africa is increasing. Research firm Chainalysis released a report in September indicating that small-value cryptocurrency transfers increased by more than 50% over the year across the continent.
This is a particularly promising development, given the potential for cryptocurrencies to significantly improve cross-border trading and settlement across the continent.
