While much of the recent crypto-related news headlines have focused on the fluctuating bitcoin price, Africa’s interest in the crypto-currency has continued to grow.
Crypto-currency marketplace Paxful reports that its total number of transactions from African consumers has risen to roughly R948-million per month; and Africa now accounts for the highest number of new subscribers to the portal per month.
The appetite for cryptocurrency is widespread: over the past year, transactions on the Paxful platform increased by 25% in South Africa, by 60% in Nigeria and by up to 100% in other parts of the continent. For Africa as a whole, Paxful has seen a 225% increase in users in the last 12 months.
The organisations has found that the demand for cryptocurrency is notably characterised by a marked increase in the 18-30 age group.
The average bitcoin purchase is R871, while the average Paxful wallet transaction is currently under R435.
“The adoption of bitcoin across the globe re-affirms our belief that crypto will take its place as a mainstream financial system,” says Ray Youssef, CEO of Paxful. “As has been the case with other disruptive financial tech innovations like mobile money, Africa is leading the peer-to-peer financial revolution.”
Artur Schaback, chief operating officer of Paxful, adds: “As a company, we’ve learned a lot from African consumers. For instance, we’ve improved our mobile capabilities to cater to the widespread use of smartphones on the continent. Our experience in Africa has strengthened our capability to serve consumers regardless of geographical location or origin.”