Nigeria is the largest crypto-trading country in Africa, according to Paxful, a cryptocurrency trading platform, with a transaction volume of over $760 million in 2021.
The firm stated in a statement on Wednesday that in the year under review, approximately 16,000 trades were performed each day across Nigeria.
The company also stated that Africa was leading the way for global Bitcoin adoption, claiming that the continent’s market has increased by over 1,200%, with nations such as Kenya, South Africa, and Nigeria ranked among the top in grassroots adoption worldwide.
According to Paxful, Nigeria has one of the youngest populations globally, with over 75 per cent of its population under the age of 35, and it is no surprise that Bitcoin has flourished in the country.
In part, the statement read, “Nigeria is Paxful’s largest country based on trade volume with over $760m traded just last year. Breaking it down, in 2021, over 16,000 trades were completed across Nigeria each day, an impressive number that speaks to the high adoption rates in the country.
“At Paxful, we are seeing the growth across the continent first-hand. With over nine million users and nearing 10 million globally, much of the growth we have experienced has largely been driven by Africa, specifically the people of Nigeria.”
Another part, “Africa is leading the way for global Bitcoin adoption, and the rest of the world is getting a front-row seat. In the last year, reports show that the market in Africa has grown over 1,200 per cent with countries like Kenya, South Africa and Nigeria ranking among the highest in grassroots adoption in the world.”
“Its widespread popularity is clear as Bitcoin fulfils both personal finance needs and entrepreneurial ventures, including remittance, e-commerce, payments, wealth preservation and social good.”
The report added, “But at the source of this widespread adoption of Bitcoin is the youth of Nigeria. Nigeria has one of the youngest populations globally, with over 75 per cent of its population under the age of 35.
“Highly entrepreneurial and resourceful, it is no surprise that Bitcoin has flourished in the country. There is an incredible amount of potential that exists in Nigeria that can help the economic success of not only the country but of the continent as a whole.
“By providing resources and education of the use cases of Bitcoin we can be a part of the solution and empower individuals to achieve financial freedom.”