Paxful, a peer-to-peer (P2P) cryptocurrency trading platform has seen immense growth in trades compared to October 2018, especially in South Africa.
According to a post on their blog, Paxful recorded a higher trading volume in October 2019 as compared to October 2018. Further, South Africa, in particular, has seen a 2,800 percent increase compared to the same time last year.
Also, Paxful identified Cape Town, Johannesburg and Pretoria as hot spots that see the highest number of cryptocurrency traders in South Africa.
Paxful also indicated that the total volume of cryptocurrency trading on their platform from Africa has increased by 64 percent compared to October last year.
Further, Paxful is now 3 million wallets strong with over 50,000 daily trades globally.
A Trend In P2P Trades Growth?
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 bitcoin 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.