South Africa has topped the Paxful’s trades as the exchange sees a 64% increase in trades in Africa compared to October 2019.
Peer-to-Peer (P2P) cryptocurrency trading platform Paxful has seen 2,800% more trades in South Africa this month compared to October 2018.
Paxful is a peer-to-peer trading platform where you can buy bitcoin in your region from a range of local bitcoin traders. Paxful has seen immense growth in trades compared to October 2018, especially in South Africa.
In a blog post on their blog, Paxful recorded a higher trading volume in October 2019 as compared to October 2018. South Africa led the charge with a 2,800 percent increase also compared to the same time last year.
The leading South African cities in this surge include Cape Town, Johannesburg and Pretoria. Generally, trading volume from Africa is up by 64% compared to October last year.
Paxful is now has a total of 3 million, recording over 50,000 daily trades globally.
Earlier this year, Paxful also announced that the volume of transactions it has processed from Africa has risen by more than 130% — recording an average of 17,351 trades per day at the time.
Per the continuing trend, the current high level of interest in cryptocurrency on the African continent seems to be the catalyst for the increased volume of p2p trades.
As at the time of writing, 3 out of the top 5 countries showing interest in Bitcoin according to Google Trends are African. The top five regions are Nigeria, South Africa, Austria, Ghana, and Brazil.
The African continent has seen a lot of crypto development lately. Binance added Naira (NGN) deposits to the binance platform as its first fiat trading pair while making their intentions of adding the Kenyan Shilling and South Africa Rand clear.