Thursday, May 13, 2021

Cryptocurrency Trading In Nigeria hits $1.5bn despite CBN ban

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Naija247news, Nigeria
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

Despite the ban on crypto-currency trading in Nigeria, 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.

CEO and co-founder of Paxful, Mr. Ray Youssef, told Vanguard 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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