According to data from the peer-to-peer trading platform Paxful, Nigeria’s cryptocurrency trading volume on the platform exceeded US$1.5 billion in the first four months of 2021. This figure accounts for almost one-third of Paxful’s total global trading volume of US$5 billion. . The latest trading volume data once again reaffirmed Nigeria’s status as one of the exchange’s largest markets in the world.
As one report explained, Nigeria’s latest total transaction volume data was generated by the platform’s approximately 1.5 million users. As of the end of April, Paxful had 6 million users worldwide. In addition to Nigeria, the exchange also includes the United States, China, India and Kenya among the other four major markets in the world.
At the same time, the report also shared Paxful CEO Ray Youssef’s thoughts on why the use of cryptocurrencies worldwide continues to grow. He says:
For cryptocurrency, we see an alternative method, a rest method based on equality in the financial system. Paxful’s mission is to make everyone enjoy equal financing opportunities wherever they are or where they are, so that they can control their funds and build the future they want with financial freedom.
At the same time, the report is the latest report showing that the February 6th directive of the Central Bank of Nigeria has had little success in stifling the country’s crypto industry. In April of this year, Bitcoin.com News similarly reported that despite the CBN order, Nigeria’s peer-to-peer transaction volume has surged. The new data also makes recent reports credible that Nigerians are avoiding their national currency, which has lost its effect against the major currencies.
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