By Ray Youssef

All eyes are on Africa as the continent is emerging as a leader in the movement towards global bitcoin adoption. Despite ongoing challenges of the pandemic and government restrictions on the use of digital currencies, we saw the crypto economy continue to thrive. Last year, Africa was cited as the third-fastest growing cryptocurrency economy with Kenya, Nigeria, South Africa, and Tanzania ranking in Chainanalysis’ Top 20 Global Crypto Adoption Index. 2022 will be no exception. Africa is on track to see another unprecedented year of growth – and the following 3 trends serve as a signal for its continued momentum over the next 12 months.

Bitcoin offers a more efficient way to transact money and gives developing countries access to the global economy. Africans are using Bitcoin to satisfy both personal finance needs and entrepreneurial ventures including remittance, e-commerce, payments, wealth preservation, and social good. In a region where over half of the population is without a traditional bank account, peer-to-peer finance provides an opportunity for financial inclusion.

Read also : Why Bitcoin is Losing Dominance in Crypto Payments

When faced with limited options, Africans are innovating and finding their own solutions, building their own side-hustles and businesses. At Paxful, we’re seeing the growing utility of bitcoin first hand. Over 33% of Paxful’s users are in Africa – with Nigeria being the largest market, with over $2B in volume, to date.

While peer-to-peer platforms are the engine behind the rapid growth of Bitcoin adoption across Africa, the people are the driving force. Africa is leading in grassroots adoption, and it can largely be attributed to the intense work ethic of the Nigerian youth. They are single-handedly setting the global standards for bitcoin adoption around the world.

Emerging Young Leaders

The youth is the most important backbone of any nation. The stronger the youth, the greater the opportunity a country has for economic development. This speaks volumes for Nigeria as they have one of the youngest populations in the world with over 75% of its population under the age of 35. Ingenious and resourceful, they are redefining our understanding of the use cases of Bitcoin and the opportunities it presents for financial inclusion.

Take Paxful user Joseph Ebuka for example. He uses Bitcoin to buy art pieces for his freelance art business. Most of his earnings are in crypto and it’s more convenient for him to pay for goods and services with Bitcoin. Stories like Ebuka’s highlight the importance of Bitcoin in day-to-day transactions and its true purpose as a means of exchange. 

Blockchain technology is raising an entirely new generation of visionaries and doers and it continues to evolve everyday. Innovative and resourceful, the youth of Africa have taken the financial power back into their own hands, utilizing Bitcoin to solve their everyday problems. They are a force to be reckoned with.

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A Hunger for Education

There is plenty of wealth in the global south, but unfortunately, people don’t have access to it. With Bitcoin and peer-to-peer finance, an opportunity exists to bring more people into the financial system and build a bridge to the global economy.

Everything I have learned about Bitcoin is from my efforts on the ground. In 2021 I traveled to Africa to open 2 schools through the Built With Bitcoin Foundation, took part in several campus tours with the goal of driving entrepreneurship, launched the PaxNaija Educational Center to educate and train Nigerians on the use cases of Bitcoin, and met with dozens of local community members on the ground. Staying connected to the streets, I know there is a big appetite for education and the opportunities Bitcoin can provide for financial freedom. As businesses continue to fan adoption, we’ll see more people unlocking the full potential of Bitcoin across the continent.

Read also :Account-to-Account set to transform payments landscape

Africa is set up to have a monumental year. There is a peer-to-peer revolution happening that will onboard the next wave of Bitcoin users. The next 12 months will continue to transform the world.

Ray Youssef is the Co-Founder & CEO, Paxful

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

Leading global peer-to-peer fintech Paxful has restated its commitment to advancing Nigeria’s crypto market. The company is doing this through constant engagement and enlightenment efforts that foster a clear market understanding while also driving increased adoption among Nigerians, particularly the youths. Paxful uses its platform for people to make payments, transactions, and send money by buying and selling cryptocurrencies as a means of exchange. Founded in 2015 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. Six million people use Paxful to buy and sell Bitcoin (BTC), Ethereum (ETH) and Tether (USDT) with almost 400 different payment methods.

This was made known by the fintech’s CEO and co-founder Ray Youssef who highlighted the company’s dedication at a stakeholders’ forum organized recently in Lagos, to chart a course for the industry.  Paxful recently had a greet and meet with a cross section of Paxful Peers and industry players at Paxful’s stakeholder forum in Nigeria. According to Youssef, while Nigeria has become Paxful’s biggest market, there are still huge untapped potentials for the youth. “The adoption of cryptocurrency by Nigerian youth in recent times is quite impressive. What is most striking is the success they have made with cryptocurrency with only a basic knowledge of it. It goes to show their passion, drive, and tenacity in making the most of every opportunity.”

Read also:Paxful highlights Nigeria’s thriving crypto market

According to Ray Youssef “The future is even brighter ahead. But to effectively leverage and maximize the humongous potentials, we need to do more as industry players in deepening knowledge of the crypto market,” he remarked.

Consequently, he called for increased collaboration among players in the Nigeria crypto market to promote learning. “As the demand for a decentralized marketplace continues to increase, there is a  need for us to work together if we plan to thrive and power global finance. We can do this by taking responsibility to constantly engage and enlighten the public about cryptocurrency and its potentials for driving sustainable growth and prosperity.”

Speaking on how he has been empowered through the Paxful platform, Sulaiman Muyideen, a Paxful VIP trader who started trading on the platform with $10 eleven months ago, stated that crypto is a game changer and an enabler of wealth creation. “I am financially liberated in just a short period of my joining the platform. I also like the fact that the Paxful Peer Program allows you to educate people on selling bitcoin as well as gives priority to individual users to safely trade on the platform.  

Read also:Bitsika Becomes Payment Method on Paxful Platform

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 the cryptocurrency community.

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

This year has shaken many industries, but crypto has actually seen immense growth and investor interest since the outbreak of COVID-19.  With Bitcoin hitting a new all-time high of nearly $20,000 crypto remains one of the few industries that managed to thrive in the economic downturn the pandemic has brought. Paxful, which is a  people-powered marketplace for money transfers with anyone, anywhere, at any time with the mission to empower the forgotten four billion unbanked and underbanked around the world to have control of their money using peer-to-peer transactions is x-raying activities in Africa with particular emphasis on Nigeria. The company presently has over 4.5 million users globally who can instantly trade, buy and sell Bitcoin (BTC) and Tether (USDT) using over 300 different payment methods.

As part of their mission, Paxful launched #BuiltWithBitcoin, a social good initiative to build 100 schools funded entirely by bitcoin all across emerging markets. The company was co-founded in 2015 by Ray Youssef, Chief Executive Officer, and Artur Schaback, Chief Product Officer.

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While the virtual coin has previously recorded big gains followed by steep declines, experts argue that this time may be different, as the currency not just broke key resistance levels, but has also sparked interest among corporations, investors, and financial institutions, giving Bitcoin a further boost. More than ever before, it has become common to hear major financial institutions warming up to Bitcoin and start embracing it.

More so, the regulatory discussions around digital currency are a clear sign that economies are preparing to adopt digital currency as complementary to fiat currency. Recently, Nigeria’s Securities and Exchange Commission announced it will regulate trade in certain digital currencies to provide protection for investors and to ensure transparency. The decision to regulate the sector highlights the country’s recognition of the potential of cryptocurrency.

Read also:Which Investors Invest In African Blockchain And Crypto Startups? Here Is A List.

Nigeria has continued to witness a huge rise in the adoption of digital money as a means to store value, preserve wealth, trade, and settle day-to-day payments. Another great use case for crypto, popular with the local traders and businesses in Nigeria, is helping them hedge against weak naira partially caused by the shortage of US Dollars in the country.

Since launching 5 years ago, global transactions on the Paxful platform have grown by over 25% from October 2019 to October 2020.  A large proportion of the transactions is attributed to the African market, with Nigeria leading the pack. With over 620,000 active Nigerian users on its platform, the company says Nigerians traded around 15 million USD worth of Bitcoin in April alone, making Nigeria the undoubtful leader in the African region.

“Nigeria, Ghana, Kenya, and South Africa are our main markets in Africa. There’s no question that emerging markets are the future of the crypto economy. That’s been clear to us for some time, as we see on a daily basis how tech-savvy Africans are using Bitcoin to invest, trade, send money abroad and accumulate wealth. Bitcoin helps improve lives and gives opportunities for personal and entrepreneurial development.  Paxful is all about bringing financial inclusion to the emerging world and we’re ecstatic to help so many people with limited access to the traditional financial services,” Paxful CEO and co-founder Ray Youssef remarks.

Read also:Nigerian Fintech Startup OnePipe Secures $950k In Pre-seed Round

In an effort to consolidate its wins in the Nigerian market, the company employed local industry experts dedicated to the Nigerian market and became a premium member of Nigeria’s FinTech Association. The partnership will help Paxful deepen its integration in the country’s crypto industry, become an important part of the local financial ecosystem, and protect its Nigerian users better.

Recent data from Paxful reveal that Nigeria leads Africa in peer-to-peer trading in 2020, posting monthly volumes of over $66 million in 2020, followed by Ghana, Kenya, and South Africa respectively.

Committed to providing users with a cost-efficient, accessible trading system on its platform, Paxful is strengthening Nigeria’s crypto market with varied payment methods that meet the needs of users. The company currently has over 300 payment methods all geared to meet users’ needs and includes a variety of local payment options, including BuyCoins, Bitsika, and Carbon.

Moreover, Naira Token, another stablecoin, was recently introduced as a payment method to the platform as part of the company’s localization efforts. With the Naira Token users can perform fast, publicly-verifiable, borderless transactions with a fiat equivalent.

With the growing demand for stable digital currencies amidst fears of economic recession and the high volatility of traditional crypto assets, Paxful added USDT (Tether) to its platform. The addition came with a hedging option, allowing users to instantly convert BTC to USDT and vice versa, helping the users protect their funds during Bitcoin price fluctuations – a feature that was well accepted in Nigeria. With a goal to build 100 schools, with access to water wells and community gardens for sustainable agriculture, Paxful’s #BuiltwithBitcoin initiative has become a testament to the power of cryptocurrency to improve and impact lives.

This year, the company built the fourth school with Bitcoin in Nigeria. The school located in the Ankara Nandu community of Sanga Local in Kaduna state will serve an estimated 100–120 children between the ages of three and six years old and double as an adult education center in the evenings. The city is home to 4,000 people, and currently has just one school providing both primary and secondary education.

“We chose this particular community because of the lack of necessary resources and limited school infrastructure. They are in dire need of quality learning spaces and this school is an honest representation of the impact Bitcoin can have on societies as a whole, and more specifically, how it can enhance education,” Ray Youssef remarked. As with all schools built as part of the initiative, the new facility will come with a state of the art solar power panels and a water filtration system.

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