{"id":27430,"date":"2020-08-19T09:55:49","date_gmt":"2020-08-19T06:55:49","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=27430"},"modified":"2025-08-26T20:46:01","modified_gmt":"2025-08-26T17:46:01","slug":"in-sub-saharan-africa-bitcoin-demand-on-p2p-platforms-rises","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/in-sub-saharan-africa-bitcoin-demand-on-p2p-platforms-rises\/","title":{"rendered":"In Sub-Saharan Africa, bitcoin demand on P2P platforms rises"},"content":{"rendered":"<p>Bitcoin trading volumes on P2P platforms in Sub-Saharan African countries reached record levels this summer. 60% of the weekly volume is accounted for by Nigeria, according to Arcane Research.<\/p>\n<p><!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">The weekly P2P volume in Sub-Saharan Africa has reached<br \/>\na new all-time high this summer. The weekly volume rose throughout May, and has plateaued at around $16 million. Nigeria is the dominating force in the region, accounting for around 60% of the weekly trade volume. <a href=\"https:\/\/t.co\/gu9ayZP9Kt\">pic.twitter.com\/gu9ayZP9Kt<\/a><\/p>\n<p>\u2014 Arcane Research (@ArcaneResearch) <a href=\"https:\/\/twitter.com\/ArcaneResearch\/status\/1293894520543813633?ref_src=twsrc%5Etfw\">August 13, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>On 10 July 2020, trading volume on P2P platforms in these countries amounted to $16.7 million. Paxful accounted for $9.42 million, and LocalBitcoins for $7.1 million.<\/p>\n<div id=\"attachment_107838\" style=\"width: 1034px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-107838\" class=\"wp-image-107838 size-large\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Snimok-ekrana-2020-08-19-v-09.47.44-1024x655.png\" alt=\"Bitcoin trading volumes on P2P platforms in Sub-Saharan Africa\" width=\"1024\" height=\"655\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/Snimok-ekrana-2020-08-19-v-09.47.44-1024x655.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/Snimok-ekrana-2020-08-19-v-09.47.44-300x192.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/Snimok-ekrana-2020-08-19-v-09.47.44-768x492.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/Snimok-ekrana-2020-08-19-v-09.47.44.png 1328w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p id=\"caption-attachment-107838\" class=\"wp-caption-text\">Arcane Research data<\/p>\n<\/div>\n<p>Since January 2020, the weekly trading volume in Ghana and Kenya has more than tripled.<\/p>\n<p>It ceded ground to its main regional rival LocalBitcoins after the introduction of mandatory KYC procedures, which most people in these countries could not pass.<\/p>\n<p>Africa surpassed Latin America in P2P trading volume in May this year.<\/p>\n<p>Uganda, Nigeria, South Africa, Kenya and Ghana rank among the top 10 countries for \u201ccryptocurrency\u201d searches on Google. One in seven internet users in South Africa own cryptocurrency \u2014 the third highest in the world. Read more about the region&#8217;s search-query patterns here.<\/p>\n<p>The aggregate volume of bitcoin trades on LocalBitcoins and Paxful in the first week of August <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-trading-on-p2p-platforms-hits-2-5-year-high\">was<\/a> a record $94.8 million. The African region was the growth driver.<\/p>\n<p>On the eve of Binance <a href=\"https:\/\/forklog.com\/en\/news\/binance-reveals-p2p-platform-metrics-for-the-first-time\">disclosed for the first time<\/a> data from its P2P platform \u2014 since its launch in October 2019, trading volume has stood at $2.5 billion. Unlike rivals, the service also supports BNB, ETH, EOS and BUSD.<\/p>\n<p>Read the Arcane Research briefing in Russian <a href=\"https:\/\/static1.squarespace.com\/static\/5df0fdb6a73a4b1d59c74702\/t\/5f3bf4503dd37176fa8ce294\/1597764694582\/Weekly+update+Russian+-+Arcane+Research+%28Week+33%29.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\u0437\u0434\u0435\u0441\u044c<\/a>. \u042d\u0442\u043e \u0431\u0435\u0441\u043f\u043b\u0430\u0442\u043d\u043e.<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog Feed<\/a> \u2014 the full news stream, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin trading volumes on P2P platforms in Sub-Saharan African countries reached record levels this summer. 60% of the weekly volume is accounted for by Nigeria, according to Arcane Research.<\/p>\n","protected":false},"author":1,"featured_media":27431,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[284,534,1526],"class_list":["post-27430","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-africa","tag-localbitcoins","tag-paxful"],"aioseo_notices":[],"amp_enabled":true,"views":"29","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/27430","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=27430"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/27430\/revisions"}],"predecessor-version":[{"id":27432,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/27430\/revisions\/27432"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/27431"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=27430"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=27430"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=27430"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}