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Paxful Records 1.5 million Users in Nigeria as Volume Hits $1.5bn

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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“The financial system is failing 99 per cent of the world’s population; it’s disconnected and out of date.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.

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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