In Bitcoin Africa’s Weekly News Roundup, we take a gander at the greatest blockchain and cryptographic money stories from Africa in the week paving the way to April 10, 2020.
Our top picks are!
Paxful Continues to See Growth in Africa
Paxful saw a 116 percent expansion in exchanging volume contrasted with a similar time a year ago, in the midst of the current COVID-19 emergencies.
This is especially intriguing a result of the pandemic as well as considering the present economic situations. In March, bitcoin experienced high unpredictability, which brought about the most honed 24-hour value drop since 2011.
Nigeria recorded a 15 percent expansion, with Kenya following with a 7 percent ascend in exchanging volume on Paxful. South Africa and Ghana recorded 2 percent and 1 percent development in volume, separately.
Information from P2P information stage UsefulTips shows Paxful is likewise observing development in French-talking nations in Sub Saharan Africa. The seven-day volume graph demonstrates that the Central African Franc (utilized in the Central African Republic) and West African Franc are in the best seven monetary standards from Africa.
LocalCryptos Stakes A Claim in African Market
Continuing with developments from P2P platforms, LocalCryptos has also recorded strong growth on the continent in March.
According to data from LocalCryptos, Kenya recorded the biggest growth in Africa. At the beginning of 2020, the daily average of trades created from Kenya was 15. In March, the numbers increased by 300%, with an average of 60 trades per day.
Speaking to Bitcoin Africa, Micheal Foster, CEO of LocalCryptos, mentioned that majority of the transactions from Kenya are done through MPESA.
“On LocalCryptos, peer-to-peer crypto trading is growing faster in Africa compared to any other continent. In recent months, LocalCryptos trading activity across all of Africa has doubled. In the same time period, Asia and Europe grew by 30%. We’re predicting that LocalCryptos’ African numbers are going to double again soon as more Africans embrace blockchain technology.”
“M-Pesa is driving LocalCryptos’ growth in Kenya today. More than half of peer-to-peer crypto transactions in Kenya use M-Pesa,” he added.
The second-fastest-growing market in Africa for LocalCryptos is Nigeria. Peer-to-peer trading volume has more than doubled in Nigeria since December 2019. South Africa and Ghana follow as African countries with high trade volumes on LocalCryptos.
No Physical Bitcoin Exchange – Ebitcoinics
Local Ghanaian cryptocurrency startup Ebitcoinics has suspended physical exchange services in Ghana. Before this change, eBitcoinics ran a physical cryptocurrency exchange where anyone could walk in to make trades.
However, due to the COVID-19 pandemic that has hit several African countries, including Ghana, the exchange has closed its physical shops to traders.
Finally, the price of bitcoin (BTC) is roughly flat week-on-week, trading at around $6,800 per coin at the time of writing.