More cryptocurrency peer-to-peer marketplaces target the African market as CryptoLocally opens up to more African users after a partnership with Sesacash.
CryptoLocally is a person-to-person (P2P) crypto trading platform that allows you to buy and sell crypto with cash or a multitude of payment methods, including M-Pesa, Bank transfer, Paypal, Venmo, and WeChat Pay.
Users can buy EOS, Tether USD (USDT), Telos (TLO), Wax (WAXP), BOScoin (BOS), and EOSDT on CryptoLocally with traditional currencies.
In an attempt to offer African users “the fastest and cheapest way to get into cryptocurrencies”, the P2P platform has partnered with Sesacash.
Sesacash is a multi-currency storage platform that supports a wide variety of cryptocurrencies such as Telos (TLOS), EOS (EOS), Bitcoin (BTC), USDC (USDC), Ethereum (ETH) and its own utility token Yent (YNT).
It also features a multi-currency account system that enables the Africans to utilize their local currencies to access other African currencies.
The two platforms intend to address the many challenges confronting African nations in the financial sector through accessible cryptocurrency trading.
P2P trading enables African users to move value across borders without having to worry about expensive fees, limited cash-out options, and other restrictions related to dealing with traditional financial institutions.
Speaking exclusively to BlockNewsAfrica about the partnership, Alexandre Ricart – Head of Marketing at CryptoLocally mentioned that CryptoLocally provides a less restrictive option to traditional banking.
Together, CryptoLocally and Sesacash’s are offering a more efficient and cost-effective alternative to the traditional remittance industry in Africa that is currently dominated by Western Union, Managram and RIA. By using the P2P trading platform CryptoLocally and the new African multi-currency wallet Sesacash, users can easily and safely move money in and out of Africa without dealing with banks or agents that have time or geographical restrictions.
Using innovative partnerships like this as an alternative to these traditional financial institutions will result in higher efficiency as well as lower costs for remittancesAlexandre Ricart – Head of Marketing at CryptoLocally
Also, Sesacash sees this partnership as a way to further its mission:
Our mission is to provide financial freedom to developing countries by giving people more choices on how to protect and spend their money. We are doing this by leveraging blockchain technology to provide individuals in Africa a secured, faster and cheaper way to make cross border payments using both crypto and traditional currencies.
Blaise B. Bayou – CEO & Co-Founder of Sesacash
In a media release sent to BlockNewsAfrica, CryptoLocally highlighted cross-border remittance and freelance payment options as potential use cases of the platform in Africa.
Remittance plays an important role in many African countries. It has been revealed that around 20-30 million African migrant workers send around USD$40 billion to their families annually, and this number is expected to increase as more Africans look elsewhere for better opportunities and better pay.
In some countries, this capital accounts for more than 50% of their Gross Domestic Product (GDP). However, most African countries have limited remittance services, resulting in limited competition and access, which in turn have resulted in extremely high fees that are amongst the most expensive around the world.
P2P exchanges like CryptoLocally allow users to exchange various currencies into cryptocurrency, which are less expensive to send globally.
Online freelance work has become a viable alternative as Africa becomes more connected. The current COVID-19 pandemic presents a unique opportunity for professionals from different sectors to explore this industry, as conventional work might not be the best way to earn a living.
One of the major barriers to entry, especially in this industry, is receiving payments from freelance employers. Partnerships like the one between CyptoLocally and Sesacash enable Africans to leverage the different financial tools that will allow them to move their money without having problems with a lack of supported payment methods.
More and more young Africans are looking for online gigs outside their home countries. Fast and cheap cryptocurrency transactions made it easy for them to receive remote salaries. Cryptolocally goes one step further by enabling users to buy and sell in their local currency.
For CryptoLocally, partnering with Sesacash is the perfect opportunity to help this new generation managing traditional and digital currencies from anywhere in Africa or in the worldAlexandre Ricart – Head of Marketing at CryptoLocally
Africa Is Becoming A P2P Trading Hotbed
CryptoLocally joins other platforms like Paxful, Remitano, and Local Bitcoins as peer to over platforms with a special interest in Africa.
Recently, most P2P exchanges have seen recorded breaking numbers on the continent in 2020. Paxful saw a 116% increase compared to March last year while Kenya made it to the list of top sources of volume on LocalCryptos.
CryptosLocally brings something different to the table. Compared to the other platforms, CryptoLocally focuses more on bitcoin alternatives, an area that has barely been touched by P2P platforms on the continent.
Paxful supports only bitcoin, LocalCryptos adds Ethereum to the mix, while Remitano, who supports several currencies, has recorded low volume in altcoin trades.
It will be interesting to see how this new platform is received in the African market. What’s your favorite P2P exchange? Let us know in the comments section below.