With an estimated population of several hundreds of millions of underbanked and unbanked people, the continent is a good location for game changing financial technologies like crypto to take hold. According to a report, although not reaching the speculative online trading volume of the West and Asia, many Africans are choosing to invest in bitcoin. The continent seems to have of space to grow still remains.
Real Adoption Grows in Africa
Paxful, one of the biggest peer-to-peer (P2P) bitcoin marketplaces globally, has said that its bitcoin volume in Africa per month is now around $40 million, traded primarily through gift cards. Additionally, African countries are now among the company’s most active and fertile locations, with Nigeria and Ghana being the second and third largest markets respectively for Paxful.
Africa has long been at the center of the Paxful, and not just for pure business purposes. In 2017 Paxful generously committed to assisting constructing 100 more schools in Africa, all sponsored by the #builtwithbitcoin charity campaign.
Bullish on Africa
Paxful, CEO Ray Youssef, in a blog post explained how he sees African people are now using bitcoin for more than just speculative purposes as many people do in other countries in the world which have readily available and advanced financial infrastructure. He likened the potential which the cryptocurrency can have to the entire continent, to the mythical vibranium metal which powers the amazing technologies of Wakanda in Hollywood’ African-themed blockbuster Black Panther.
He added that the ‘underbanked’ and the ‘unbanked’ often get pushed out of the available economic as well as the market. These people are not able to open business or engage in any commerce mainly because their countries lack the proper infrastructure.
The marketplace CEO also gave real world examples of how many people in Africa are using bitcoin to restore purchasing power, protect their savings, enable commerce and save for the future. The CEO also encouraged local communities and people to take up digital currencies, educate themselves about the whole subject of cryptocurrencie and build local communities of investors.