Paxful records $760m transaction in Nigeria - PUNCH
A peer-to-peer financial platform, Paxful, said it recorded a global trade of nearly $3bn in 2021 while Nigerian trade alone was well over $760m in the same year under review, adding that Nigerian users had climbed over the two million mark.
A statement quoted the firm as saying this on the sideline of its seven years anniversary, noting that it recorded 10 million users on its platform since it came into existence in 2015.
The statement also said that in the first half of 2022, trade volume in Nigeria reached nearly $400m, showing that the emerging markets were still hungry for Bitcoin.
The statement read in part, “Globally, nearly $3bn was traded on Paxful in 2021. Narrowing in on Nigeria, trade volume was over $760m last year and Nigerian users have climbed over the two million mark. And despite the global financial crisis, Paxful is seeing that peer-to-peer and interest in Bitcoin is not slowing down. In the first half of 2022, trade volume in Nigeria reached nearly $400M, showing us that the emerging markets are still hungry for Bitcoin. The peer-to-peer finance platform has reached 10 million users as it marks its seventh anniversary. The company was founded in 2015 with a simple mission to advance a truly global economy by building a financial system that serves the 100percent, not just one per cent. Building a strong presence in Africa since its inception, Paxful has played a role in Africa’s trajectory as the leader of the financial revolution
The statement quoted the Chief Executive Officer and Founder of Paxful, Ray Youssef, as saying that the development was the reason Africa is leading the way.
He said, “While many parts of the developed world are fixated on the speculative activity of Bitcoin, people in Africa are teaching us about its true use cases and the opportunity it presents for greater financial inclusion. We do not want to downplay what is happening in the market and the economic situation globally, but this is an opportunity for companies in the ecosystem to zoom out from the short-term focus and put effort into how and why Bitcoin creates an alternative financial option.”
He added, “Along their journey, Paxful has put financial education at the forefront of their mission, executing several initiatives on the continent. In 2021, they opened the PaxNaija Education Center to empower Nigerians through Bitcoin education, hosted several campus tours and workshops to encourage entrepreneurship, and met with hundreds of community members to help increase financial literacy.
“In the same year, Paxful gave a donation to the Human Rights Foundation to fund the Qala Fellowship, a program that aims to find and grow local Nigerian talent, starting with developers, to help them build careers in the Bitcoin space”