P2P bitcoin trading platform Paxful adds 800K wallets in the past 12 months, driven by growth in Africa

Quick Take

  • P2P bitcoin trading platform Paxful has added over 800,000 wallets in the past 12 months 
  • The majority of the growth has come from African countries – Nigeria, Ghana and Kenya 
  • Artur Schaback, co-founder and COO of Paxful, told The Block that the three countries are “restricted by traditional financing,” hence the growth 

Peer-to-peer (P2P) bitcoin exchange Paxful has seen increased volumes from users in Nigeria, Ghana, Kenya, U.S. and India in the past 12 months. Terming it a “major growth milestone,” Paxful said it added over 800,000 wallets during the period and now services a total of 3 million wallets.

“We’ve seen 15 million trades across the platform during the past year, a 65% increase versus the previous time period,” Paxful announced Thursday, adding that Kenya and India, in particular, have shown continued volume growth in recent weeks.

Overall, Nigeria, Ghana and Kenya are Paxful’s “big markets,” because users in these African countries are “restricted by traditional financing,” Paxful co-founder and COO, Artur Schaback, told The Block.

Earlier today, cryptocurrency exchange Binance also listed the first direct fiat-to-cryptocurrency trading pairs, starting with Nigerian naira (NGN). A Binance spokesperson told The Block that Nigeria is "absolutely a promising market with great potential" with a population of nearly 200 million people.

As for Paxful, the U.S. and India are also top markets, Schaback told The Block, adding that the average transaction size on the platform is “at a little over US$100.”

Paxful credited the volume and wallets growth to its “continued efforts in building a community” that focuses on education about P2P finance.

KYC bump?

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