Paxful reports 17,000 peer-to-peer crypto trades per day in Africa

28 Dec, 2018 | Updated: 28 Dec, 2018
by Joeri Cant
Paxful reports 17,000 peer-to-peer crypto trades per day in Africa

Paxful, the peer-to-peer crypto exchange, has reported to CCN that over 17,000 peer-to-peer trades per day take place in Africa using their platform. People in Africa are acquiring Bitcoin by using gift cards, which they can buy in their local fiat.

The majority of these 17,000 daily trades take place with iTunes and Amazon gift cards as the payment methods, CNN reports.

Paxful further says that almost $300 million USD in iTunes gift cards were traded in African markets over the course of 2018. Amazon comes in second place at around $165 million, while the National Bank Transfers were far less used, at just under $50 million.

The prolonged bear market had little effect on the spread of cryptocurrency in Africa, as more and more Africans realize the potential of Bitcoin and other cryptocurrencies to connect them to the global economy.

Paxful recently build its second school in Rwanda for students up to age 15, which is funded entirely by donated Bitcoins through the #BuiltWithBitcoin campaign.

Paxful CEO Ray Youseff said in a press release:

'We encourage the cryptocurrency sector to contribute more to humanitarian projects. The #BuiltWithBitcoin initiative is an example of bitcoin being used as more than a speculative tool but a testament to the usefulness of cryptocurrency. To date, we have built two schools – a nursery, and a primary school in Rwanda, Africa- and provided scholarships to Afghan refugees, and plan to continue these philanthropic ventures.'

Read more: A second Bitcoin school in Rwanda, thanks to Paxful

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Read more about: Africa Bitcoin (BTC)

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