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Paxful Records 57% Increase in Bitcoin Trading, Launches PaxNaija

Paxful To Provide Fiat On-Ramps to Singaporean Crypto Exchange Bityard
Paxful To Provide Fiat On-Ramps to Singaporean Crypto Exchange Bityard

Paxful is one of the leading peer-to-peer platforms. The P2P platform has enjoyed major gains over the past year because of increased cryptocurrency adoption. Data from the platform shows that the Bitcoin trading volumes have increased 52% year-over-year.

Besides, the platform continues to establish its dominance among Nigerian users. The number of Nigerian users on the platform has increased by 83% compared to last year.

Paxful Launches PaxNaija

Paxful recently launched PaxNaija, a cryptocurrency platform aimed at educating people in Nigeria about the crypto space. The launch of this platform saw participation from both the public and private sectors.

PaxNaija’s office is situated in Abuja, at a location that has employed ten people. This platform aims to educate the local community about cryptocurrencies and the advantages and disadvantages that lay therein.

The launch of this platform is in a bid to help Paxful achieve more growth and drive its adoption among Nigerian users.

Speaking during the launch of this platform, Ray Youssef, the co-founder and CEO of Paxful, stated that, “as an organization that seeks to transform the lives of many young people, we have created a platform that is safe and easy to use. But beyond that, we owe a service to the industry. It’s our mission to not only teach users on the benefits of Bitcoin but to educate lawmakers on how crypto can be used to support their economy.”

Growth of P2P Platforms in Africa

Africa has been a major hub for peer-to-peer crypto trading platforms because of crypto regulations. Paxful and LocalBitcoins are the two most popular P2P platforms in the region and have been attributed to the region’s growth of cryptocurrency trading and adoption.

Chainalysis, an analytics platform, had earlier addressed the growth of P2P platforms and remittance firms in the region. According to the report, the growth of these platforms had led to the region leading in the global retail cryptocurrency trading.

Nigeria is African countries that have notably made their mark on Paxful, hence the launch of PaxNaija. This development also comes as Nigeria prepares for the launch of the eNaira. The eNaira is a CBDC that expects to be rolled out on October 25. Following the launch, Nigeria will be the first Africa country to develop a CBDC.

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