Data from Chainalysis shows that the crypto market in Africa has significantly grown since 2020. The continent also has a larger share of overall retail transaction volume than the global average.
Between July 2020 and June 2021, the crypto market in Africa grew by 1,200%, with notable adoption in countries such as Kenya, South Africa, Nigeria, and Tanzania. P2P platforms have most likely played a role in this increase especially since several African countries don’t allow their citizens to send money to exchanges via local banks or have imposed similar restrictions. P2P platforms such as Paxful represent 1.2% of all crypto transactions in Africa.
Africa received $105.6 billion worth of crypto between July 2020 and June 2021 and registered a share of the market’s overall transaction volume higher than any other region – about 7% while the global average stands at 5.5%.
The COO and co-founder of Paxful, Artur Schaback, declared:
“In many of these frontier markets, people can’t send money from their bank accounts to a centralized exchange, so they rely on P2P. Crypto products are getting more user friendly, so they can onboard more people into the crypto economy and help them see that crypto is faster, cheaper, and more convenient.”