Nigeria becomes Paxful’s biggest market, hits $1.5bn over 1.5m users

Paxful, a leading global peer-to-peer fintech company, has disclosed that Nigeria is its biggest market with an impressive volume which currently stands at $1.5 billion to date.

The P2P platform made this known while also announcing an impressive increase in the number of its Nigerian users to almost 1.5 million.

Ray Youssef, CEO and co-founder of Paxful, said: “Our mission at Paxful is to give everyone equal access to finance no matter who they are or where they are so they can control their own money and build the future they want with financial freedom. The financial system is failing 99 percent of the world’s population; it’s disconnected and out of date. This means there’s no way out of income inequality for a lot of people in the world. With cryptocurrencies, we see an alternative: a way to rest the financial system based on equality.”

“We’re on track for a 20 percent-plus increase in volume this year. We are seeing growth in all our markets and especially among groups or in countries where there’s a real need for cryptocurrencies: where the traditional financial system is failing people, whether that’s 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’s a real increase in people using cryptocurrencies for their original purpose – as currencies and not just as a speculative asset’’ he continued.

Globally, Paxful announced that over $5 billion has been traded to date on its platform and it now has over six million users.

As of April 2021, the top 4 countries by volume on Paxful asides Nigeria are China, the US, India, and Kenya.

Founded in 2015 and completely bootstrapped since then, Paxful is a peer-to-peer platform where you can buy and sell digital currencies as the means of exchange and make payments, transactions, and send money. With close to 400 different ways to buy and sell digital currencies from gift cards to online wallets bank transfers, Paxful connects you to almost any financial network in the world. The platform just added ETH to the cryptocurrencies available.

Paxful is a peer-to-peer finance platform for people to make payments, transactions, and send money by buying and selling cryptocurrencies as a means of exchange. Founded by Ray Youssef and Artur Schaback, Paxful’s mission is to help everyone have equal access to finance no matter who or where they are.

Over 5 million people use Paxful to buy and sell Bitcoin (BTC) and Tether (USDT) with almost 400 different payment methods.

Ray Youssef, co-founder, and CEO of Paxful set up the Built with Bitcoin Foundation to help people have access to education and water. To date, the foundation has built four schools, two in Rwanda, one in Kenya, and one in Nigeria. The Built with Bitcoin Foundation is funded by Paxful and in part by donations from Paxful users.