Africa’s most populous nation has once again proven itself to be the crypto giant of the continent. Making up the majority of users on the country’s largest P2P exchange body is Nigeria. With a total of $1.5 billion as market capitalization, the nation tops active crypto numbers once again.
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Nigerians prevail in market capitalization numbers on the Paxful exchange service provider. This signals the heightened rate of crypto activity in the country regardless of anti-crypto regulations and warnings set up to quell the reign of cryptocurrencies.
On Tuesday, the platform publicly announced that Nigerians had traded a total of 1.5 billion USD. A massive number which has earned them the number one spot on Paxful’s user volume.
Chief executive officer and co-founder of the exchange, Ray Youssef, explained how the organization's mission was to provide equal accessibility to all forms of decentralized currencies. This is regardless of location or status.
He went further to explain how the new digital money was slowly debunking traditional financial systems. These are rendering to the population more advanced features than the traditional fiat currencies.
He also explained that Paxful had experienced a 20% increase in the market volume since the last year. The growth was more prominent among countries in dire need of money reformation —Nigeria inclusive. Ultimately, the platform currently has over $5 billion traded to date and a steady growing number of 6 million users —a good percentage are Nigerians.
Aside from Nigeria, other major countries have contributed to the growth of the platform, and they are; China, United States, India, and Kenya.
conclusion, Youssef explained the impact of cryptocurrencies on traditional money systems. They have diminished the use of fiat and, at the same time, are advancing in ways unimaginable. Designed as speculative assets, cryptocurrencies are fast-growing to becoming globally accepted and spendable currencies.
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