Paxful Paints Rosy Outlook for African Crypto Industry in 2020

Paxful Paints Rosy Outlook for African Crypto Industry in 2020

Paxful, a peer-to-peer crypto exchange, expects 2020 to be a prominent year for the African crypto industry.

The company believes that Africa can become a pioneer in improving Bitcoin skills. Thus, it aims to increase African involvement in its Global Peer Program, which is an initiative aimed at  enabling Bitcoinists around the world to teach one another about the incentives the crypto industry provides.

Artur Schaback, co-founder of Paxful, said:

“We are very bullish on Africa and believe it is critical to the future of the crypto-economy overall. While many parts of the developed world are fixated on speculative activity in the crypto economy, people in Africa are teaching us about the true use cases of Bitcoin and the opportunity it presents for greater financial inclusion of the under-banked.”

“As a company, we want to do what we can to ensure that our platform continues to be a bridge to the global economy for our customers” he added.

In late 2019, Paxful has signed a strategic partnership with Binance, under which the former serves as a fiat-to-cryptocurrency on-ramp for Binance. In addition, Paxful offers several payment methods for Binance’s users to buy Bitcoin.

The company has recorded a trading volume of nearly $1.6 billion in 2019, driven by a steady rise of 25%+ year-on-year since starting operations in 2015.

The platform has more than 3 million wallets, 45% of which is dominated by Africa.

Paxful seeks to expand

Paxful seeks to expand its customer base in the countries it is expecting a constant rise in trading volumes such as Zambia and Uganda.

The company aims to boost its trading volume this year, especially after its African trading volume leapt 57% last year.

Earlier, Cryptolydian reported that Quras, a smart contract platform enabling anonymous, private-protected transactions, has signed a partnership with Blockchain Nigeria User Group (BNUG).

The new partnership will allow Quras to extend its presence outside Asia and to the continent of Africa prior to its mainnet launch next April.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.