Nigeria leads digital revolution as platform hits $1.5b

Nigeria is leading other African markets on the digital currency market as a global peer-to-peer fintech platform, Paxful has disclosed that it has traded about $1.5 billion with 1.5 million Nigerian users on its platform.

Chief Executive Officer and co-founder of Paxful, Ray Youssef, disclosed this while announcing an increase in the number of Nigerian users on the platform.

The paxful boss said cryptocurrency is an alternative to financial system failure.

Globally, he said, that over $5 billion has been traded to date on its platform, which hosts over six million users.

He said: “Our mission at Paxful is to give everyone equal access to finance, no matter who they are or where they are so that they can control their own money and build the future they want.

“We are on track with over 20 per cent increase in volume this year. We are seeing growth in all our markets and especially among groups or in countries where there is a real need for cryptocurrencies: where the traditional financial system is failing people, whether that is 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 is a real increase in people using cryptocurrencies for their original purpose as currencies and not just as a speculative asset.”

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