The Bitcoin Peer-to-Peer Market (BTC), Paxful announced on July 14 that its platform saw a further increase in trading volume, hit the $ 4.6 billion mark, and reached more than 4.5 million wallet registrations.
Paxful also predicts two million additional users by the end of 2020, when the company celebrates its fifth anniversary.
Emerging markets play an important role
Ray Youseff, CEO of Paxful, noted that emerging markets in developing countries are a key driver of the platform’s recent growth.
He said: “If you look at our data, Africa, Nigeria, Ghana and Kenya are the leaders in volume this year. Fourth and surprisingly, Cameroon is a prominent country with a volume of $ 5 million (YTD 2020) “.
Youseff said that Paxful has seen a significant surge in the Indian cryptocurrency market since 2019, with trade volume increasing 883% from $ 2.2 million to $ 22.1 million in 2020.
COVID-19 effects on P2P trading activity in cryptocurrency
The CEO also stated that the global coronavirus pandemic had some impact on the platform’s growth. Investors are more interested in non-traditional assets to protect their assets as COVID-19 related closures shake global markets.
He said, “Regarding the COVID-19 pandemic, we believe that continued growth is due to financial inequality rather than the use of cryptocurrencies on our platform and, in particular, interest in a non-traditional monetary asset continues to plague the world . “
Cointelegraph reported on June 11 that Bitcoin’s P2P trading activity in the United States rose to a new high in the week of June 7.