Hybrid Nigerian cryptocurrency exchange, BuyCoins Africa recorded over $17M in trading volume in May, destroying the previous high of $7.6M.
Timi Ajiboye, CEO of BuyCoins Africa to announce the trading statistics for the month of May, which he described as “crazy.”
Ahead of the bitcoin halving, several cryptocurrency exchanges like Luno and Paxful recorded high trading volumes, with the latter seeing an all-time high. The reason attributed to the spikes was the halving that happened on May 11, 2020, which could also be a contributing factor to similar growth on BuyCoins Africa.
BuyCoins Africa is a Nigerian cryptocurrency exchange established in 2017 by Timi Ajiboye, with the initial name ‘Bitkoin Africa’. BuyCoins Africa takes a hybrid approach to buying and selling cryptocurrencies, allowing users to buy from the regular exchange interface or the Peer-To-Peer platform.
The exchange has adopted new innovations in the cryptocurrency space recently. BuyCoins Africa launched a Nigerian Naira (NGN) backed stablecoin called NGNT. Further, the exchange launched support for USDC trading and a Telegram bot for traders to receive notifications in real-time.
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