The top two P2P platforms, Paxful and LocalBitcoins, saw record-high trading volume in Africa, making it the second-largest after North America in May.
Africa beat Latin America to claim the second spot on the list of continents with top trading volume on P2P platforms according to statistics from UsefulTulips.
Here is a breakdown of the P2P transaction volume from continents in May 2020:
- North America – $108.3 million
- Africa – $54.8 million
- Latin America – $48 million
- Asia Pacific – $40 million
- Easter Europe – $37.4 million
The majority of the African volume came from Nigeria, which recorded $35.5 million, followed by South Africa and Kenya, who recorded $7 million each. Also, Ghana recorded $4 million, $300,000 by the Central African Republic, and $200,00 from Tanzania to close out the top 6 from the continent.
Beyond P2P platforms, exchanges on the continent have also reached new milestones. In May, South African owned Luno passed 4 million users, and Nigerian based exchange, Buycoins, recorded its highest volume of over $17 million in a single month.
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