LocalCryptos, a popular P2P platform formerly known as LocalEthereum, has seen tremendous growth in Africa in March 2020.
At the forefront of the growth of LocalCryptos in Africa is Kenya. At the start of 2020, there were 15 peer-to-peer trades created in Kenya each day. In March, that number grew to 60 trades per day. That’s an increase of 300% in only a few months.
Kenya is now the fifth country in terms of trading activity on LocalCryptos. Also, Kenya is the first country in Africa to make the top five. Speaking to BlockNewsAfrica, a representative from LocalCryptos said:
We’re thrilled to have Kenya in the top five countries on LocalCryptos. We announced earlier that boosting P2P crypto trading in Africa is a key objective for us in 2020, and already we are seeing immense results.
Launching four new ways to buy and sell crypto in Africa was the first step of many expected from LocalCryptos in an attempt to boost crypto adoption in the region.
Outside of Kenya, LocalCryptos is seeing growth in several other African countries as well. Nigeria is the second-fastest-growing market in Africa. The West African nation has more than doubled its peer-to-peer trading activity on LocalCryptos since December. LocalCryptos is also noticing strong growth in South Africa and Ghana.
LocalBitcoins volume has dropped dramatically in Africa since the recent introduction of verification tiers, some of which are impossible for many to meet because of difficulty obtaining international verification documents.
Platforms like LocalCryptos are giving these stranded traders a new home where they can trade with minimum entry requirements. Kenya is quickly aligning itself as one of the world’s leading blockchain hubs with a strong market for P2P growth.