There are evidence that inspite of government’s best efforts to ban crypto-currency trading in Nigeria, Nigerians have turned deaf ear to the warnings. This is evidenced by the new report showing that the country has emerged as the biggest market for Paxful, a global peer-to-peer fintech and crypto-currency trading platform, with an impressive volume which currently stands at $1.5 billion and 1.5 million users.
As at April 2021, the top four countries by volume on Paxful aside Nigeria are China, United States of America, India, and Kenya, but globally, over $5 billion has been traded with six million users to date on the platform.
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The CEO and co-founder of Paxful, Mr. Ray Youssef said that the traditional financial system is failing 99 percent of the world’s population, explaining that this means there is no way out of income inequality for a lot of people in the world. Youssef said: “With crypto-currencies, we see an alternative, a way to rest the financial system based on equality. 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.”
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Kelechi Deca
Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry