Cryptocurrency trading platform Paxful stated that 1.5 million Nigerians have traded $1.5 billion on its platform.
This disclosure was made by the co-founder and Chief Executive Officer, Paxful, Ray Youssef.
Youssef noted that the firm experienced growth in markets where the need for cryptocurrencies is high.
He said, “Our mission at Paxful is to give everyone equal access to finance, no matter who they are or where they are so that they can control their own money and build the future they want.
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“We are on track with 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 is a real need for cryptocurrencies: where the traditional financial system is failing people, whether that is 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 is a real increase in people using cryptocurrencies for their original purpose as currencies and not just as a speculative asset.”
