Bitcoin

After Binance Uganda shutdown, Binance P2P is making great strides in Africa

After announcing a disappointing closure of a Ugandan subsidiary in October, Binance – the world’s largest cryptocurrency exchange – posted a blog post yesterday saying that another initiative, Binance P2P is making great strides on the world’s second largest continent.

In the publication titled “P2P Merchants: Facilitating Free Money in Africa” ​​the Growth of the peer trading program in the region all year round, in particular that Binance P2P has processed a total of 280 million US dollars in local African currencies since Marchwhen the program introduced reporting on the Nigerian Naira (NGN).

Binance also claims the program enables local traders in Nigeria, Kenya, South Africa, Egypt and Morocco to “make between $ 30 and $ 350 a day” by buying and selling cryptocurrencies with their local fiat currency counterparts. In another article Binance also announces that it is “easy to do your own cryptocurrency trading” with Binance P2P..

After Binance Uganda shutdown, Binance P2P is making great strides in Africa
After Binance Uganda shutdown, Binance P2P is making great strides in Africa

This update follows the comments from Binance CEO. Changpeng “CZ” Zhao, in May, Where called Africa an “untapped market”.

“We think about it The whole African market is really important“I said.” I think it is generally not very easy to buy cryptocurrencies in Africa at the moment, so we want to help improve this situation.

In a July interview with Cointelegraph, CEO of Nigeria-based Yellow Card exchange, Chris Maurice, offered a different view than CZ Growth occurs easily::

“As for the cryptocurrency scene and everything in between, things are growing very quickly, across the continent in fact, particularly in Nigeria, South Africa, Ghana and Kenya,” said Maurice.

In addition, the data indicate this Use in Africa is increasing. Research firm Chainalysis released a report in September stating this Low-value crypto transfers have increased over 50% year over year across the continent.

This is particularly promising novelty in view of the Dramatically improve opportunities for cryptocurrencies, cross-border trading and settlement across the continent.

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