By Modupe Gbadeyanka
The decision of the management of Paxful, a leading global peer-to-peer fintech, to explore the Nigerian market is already paying off.
This is because the P2P platform has recorded an impressive increase in the number of its Nigerian users to about 1.5 million, while the volume currently stands at $1.5 billion, making Nigeria the biggest market of the firm.
Globally, Paxful, which was established in 2015, has recorded transactions worth over $5 billion, while the number of users has reached over six million.
As of April 2021, the top 4 countries by volume on Paxful asides Nigeria are China, the US, India and Kenya.
“Our mission at Paxful is to give everyone equal access to finance no matter who they are or where they are so they can control their own money and build the future they want with financial freedom.
“The financial system is failing 99 per cent of the world’s population; it’s disconnected and out of date. This means there’s no way out of income inequality for a lot of people in the world.
“With cryptocurrencies, we see an alternative: a way to rest the financial system based on equality,” the CEO/co-founder of Paxful, Mr Ray Youssef, said.
Speaking further, Mr Youssef said, “We’re on track for an over 20 per cent increase in volume this year. We are seeing growth in all our markets and especially among groups or in countries where there’s a real need for cryptocurrencies: where the traditional financial system is failing people, whether that’s because of extreme volatility, strict capital controls or high transaction costs.
“People are looking for freedom from these constraints and find that in cryptocurrencies. So, there’s a real increase in people using cryptocurrencies for their original purpose – as currencies and not just as a speculative asset.”
Paxful is a P2P platform for trading digital currencies as the means of exchange and payments, transactions, and funds transfer.
With close to 400 different ways to buy and sell digital currencies from gift cards to online wallets bank transfers, Paxful connects users to almost any financial network in the world and it recently added ETH to the cryptocurrencies available.
The blockchain brings new financing options to the business market. For example, Bitcoin Cash casino has adapted to only using cryptocurrency. This way, it makes it easier for their customers to deposit and withdraw in a BCH casino. Entrepreneurs have taken note of this and are looking to invest more in crypto than in fiat markets.
Like Our Facebook Page
Latest News on Business Post
- FG Launches System to Register Phones to Tackle Theft May 13, 2021
- Premier League Agrees £5bn TV Broadcast Deal Extension May 13, 2021
- Firm Unveils Insurance Cover for Tricycle Riders May 13, 2021
- Insecurity: Buhari Begs Nigerians for More Understanding May 13, 2021
- HP Extends Digital Partner Programme to Global Retailers May 13, 2021
- DMO, Investors Prepare for N150bn Bond Sale May 19 May 13, 2021
- Eid al-Fitr: Akande-Sadipe Tasks Muslims on Peace, Love May 13, 2021
- Companies Pay N392.8bn Income Tax to Government in Q1 2021 May 13, 2021
- Bitcoin Slides as Elon Musk’s Tesla Suspends Acceptance for Purchase May 13, 2021
- Brent Hits $69 Amidst Positive Economic, Demand Forecasts May 13, 2021
Economy5 years ago
Kwara Disburses N1.7b For Projects
Technology5 months ago
How To Link Your MTN, Airtel, Glo, 9mobile Lines to NIN
Feature/OPED1 year ago
Davos was Different this year
Economy3 years ago
FAAC: FG, States, LGs Share N655.18b in January
Economy2 months ago
MBA Forex Blames CBN for Inability to Return Investors’ Funds
Banking3 years ago
Sort Codes of GTBank Branches in Nigeria
General2 years ago
Ikeja Electric Explains How to Get Prepaid Metres via MAP
Feature/OPED2 months ago
COVID and the Growth of Technology in Nigeria