Finance

Nigeria records $760m crypto trade in 2021 – Paxful

A cryptocurrency trading platform, Paxful, has said Nigeria is the largest crypto-trading country in Africa with a trading volume worth over $760m in 2021.

In a statement on Wednesday, the firm said that in the year under review, the country had over 16,000 trades completed across Nigeria each day.

The company also said that Africa was leading the way for global Bitcoin, adding that the market in the continent had grown over 1,200 per cent with countries like Kenya, South Africa and Nigeria ranking among the highest in grassroots adoption in the world.

According to Paxful, Nigeria has one of the youngest populations in the world, with over 75 per cent of its population under the age of 35, and it is no surprise that Bitcoin has flourished in the country.

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The statement read in part, “Nigeria is Paxful’s largest country based on trade volume with over $760m traded just last year. Breaking it down, in 2021, over 16,000 trades were completed across Nigeria each day an impressive number that speaks to the high adoption rates in the country”

“At Paxful, we are seeing the growth across the continent first-hand. With over nine million users and nearing 10 million globally, much of the growth we have experienced has largely been driven by Africa, specifically the people of Nigeria.

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“Africa is leading the way for global Bitcoin adoption and the rest of the world is getting a front-row seat. In the last year, reports show that the market in Africa has grown over 1,200 per cent with countries like Kenya, South Africa and Nigeria ranking among the highest in grassroots adoption in the world.”

“Its widespread popularity is clear as Bitcoin fulfils both personal finance needs and entrepreneurial ventures, including remittance, e-commerce, payments, wealth preservation and social good.”

The report added, “But at the source of this widespread adoption of Bitcoin is the youth of Nigeria. Nigeria has one of the youngest populations in the world, with over 75 per cent of its population under the age of 35.

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“Highly entrepreneurial and resourceful, it is no surprise that Bitcoin has flourished in the country. There is an incredible amount of potential that exists in Nigeria that can help the economic success of not only the country, but of the continent as a whole.

“By providing resources and education of the use cases of Bitcoin we can be a part of the solution and empower individuals to achieve financial freedom.”

Source: punchng

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