48% of the total bitcoin purchases on Paxful is via gift card trading
Remittances are a common use case for value transfer in Africa
Paxful accounts for 70% of the total P2P documented volume in Nigeria
Bitcoin awareness reached all-time highs in 2020, according to Google Trends data
Kenya, Ghana, and South Africa accounted for significant P2P increases in 2020
Ghana’s P2P volumes have seen rapid increase in recent months
LocalBitcoins accounts for 78% of P2P bitcoin volumes in South Africa
Paxful dominates in P2P bitcoin volumes Kenya at 63%
Paxful dominates P2P bitcoin volumes in Ghana at 96%
North African P2P volumes are the lowest globally at just 15%
The report predicts larger adoption in more unstable economies like Egypt
The report highlights two reasons why P2P is popular in emerging markets of Africa:
Centralized exchanges offered limited access to these markets – Easy KYC-approvals and access to crypto for fiat at negligible feel levels is lacking
P2P platforms are more flexible – They do not require bank transfers and offer a variety of common payment methods, in addition to weaker KYC requirements
The report shows that emerging and developing nations of Africa are among the most vibrant in P2P crypto transactions globally.
While the report only highlights documented volumes and activities of Paxful and LocalBitcoins, it admits that the market, especially in developing nations, is still undocumented and remains much larger considering local P2P players.
Check out the full report here: http://bit.ly/CryptoP2P-Report