Peer-to-peer Bitcoin (BTC) trading has grown rapidly in recent months, with the African continent now the second strongest region in the world for P2P volume behind the US.
Africa was the only region to produce an increase in seven-day P2P trade in the past week – with sub-Saharan African trade reaching its seventh-highest ever peak for weekly trade in seven weeks.
Since early January, the sub-Saharan African has overtaken the Asia-Pacific, Eastern Europe and Latin America regions and has grown to become the second strongest P2P market with a volume margin of over 50%.
Data posted on Twitter by crypto analyst Kevin Rooke on June 30 pointed to triple P2P activity in Africa's top P2P markets in just three months, with volume increases of 125% in Nigeria, 194% in South Africa, 199% in Kenya and 257% in Ghana.
In a conversation with Cointelegraph, a spokesman for the best P2P Bitcoin marketplace Paxful, he noted that in addition to Africa's top markets, Cameroon is a & # 39; breakout country & # 39; has grown to a volume of $ 5 million in 2020 to date.
Paxful attributes the dramatic increase in trading activity to its ethos of "staying connected to the streets" and promoting grassroots communities in emerging markets:
“There is no single catalyst for the recent significant volume increase, rather it is the result of a concerted effort by our different teams that has enabled us to successfully enter new markets such as India and Argentina and build local communities (in Kenya , Ghana), South Africa, etc.) and form new partnerships. ”
"With every new market there is an opportunity to improve and we plan to continue to focus on our users' needs as a growth roadmap," added Paxful.
Despite Africa's rapid rise, North America has further solidified its lead in P2P volume with recent record highs for weekly trading of over $ 30 million.
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The United States represented $ 30 million in trade in the past week alone, almost twice as much as the entire continent of Africa. Paxful's spokesperson noted that California is the strongest U.S. state for P2P trading to date.
Nigeria is the second strongest national P2P market, representing nearly $ 10 million in weekly trading.