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According to data from a global market of world-leading cryptocurrencies, Paxful, the interest in Bitcoin and other cryptocurrencies in Africa has continued to grow at a rapid pace despite the market's meltdown.
The appetite for cryptocurrency in Africa is increasing
Africa now represents the largest number of new Paxful subscribers per month. The cryptocurrency market also reported that the increase in interest is not limited to one city, state or country, but it is widespread across the continent. According to the portal, in the last year the transactions on the Paxful platform from South Africa have increased by 25%, by 60% in Nigeria and by 100% in other parts of the continent. For Africa as a whole, Paxful has seen a 225% increase in users over the last 12 months.
Demographically, the demand for cryptocurrency is characterized by a marked increase in the 18-30 age group. The average purchase of Bitcoin is R871, while the average Paxful portfolio transaction is less than R435.
Ray Youssef, the CEO of Paxful was quoted saying that
"The adoption of Bitcoin around the world reaffirms our belief that cryptography will take the place of a traditional financial system.As with other technological innovations, Africa is leading the peer-to-financial financial revolution. peer Our goal is to continue to work with consumers to expand access to the global financial system "
The reason for this growth seems to be the absence of the scale and type of traditional banking infrastructure available in the developed world, thanks to which many parts of the continent have already moved to mobile payment systems. This is a way to push millennials from Africa to cryptocurrencies that now offers them alternative, cost-effective and affordable access to the global financial system.
Wei Zhou, the CFO of Binance had also shared a similar growth prospect for the African continent when he was asked about the Binance raid in Africa
"A lot of use cases for cryptocurrency – value deposit, remittances, all of this – are in Africa, and if we can leverage this in building a financial services provider on the continent, it would be great. About 15% have access to traditional banking services ".
Africa is definitely moving forward with the crypto adoption and it seems that it will grow with time as more and more people join in without traditional banking infrastructure.
Will the African continent lead the scramble race and move ahead of the other continents? Let us know your opinions on the same
Summary
Item name
Cryptographic indicators rising in Africa despite the market crash
Description
According to data from a global market of world-leading cryptocurrencies, Paxful, the interest in Bitcoin and other cryptocurrencies in Africa has continued to grow at a rapid pace despite the market's meltdown. While the crypto market is still finding its feet after a major meltdown, news from Africa should make krypton enthusiasts happy.
Author
Nilesh Maurya
Publisher name
Coingape
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