Paxful bitcoin bourse upbeat about use of cryptos in Africa

Posted on October 13, 2019

By Andrei Skvarsky.

According to bitcoin exchange Paxful, African businesses use cryptocurrencies on a rapidly increasing scale and many Africans see them as an opportunity to start a business.

Africa is the “fastest-growing customer base” of the Delaware-based
exchange company, Paxful said in a statement, putting its global number of
users at nearly three million.

Nigerians, Ghanaians and South Africans have so far been
the most active part of its African clientele, many of them running drop-shipping
firms, payment services or export-import ventures, the company said.

Deals between Africans make up a large proportion of
transactions on Paxful’s platform, and Nigerians, Kenyans, Ghanaians and South
Africans among leaders in the company’s intra-African trade, according to

“While African entrepreneurs continue to face many
lingering challenges, we have seen first-hand on our platform how the
opportunity to use technology and innovate can achieve greater financial
inclusion as well as socio-economic development and job creation,” said Paxful CEO
and co-founder Ray Youseff.

The Paxful statement mentioned that digitisation had
been high on the agenda of the World Economic Forum on Africa in Cape Town last


Category: News

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