Binance P2P for Africa Records $280 Million in Volume Since Launch in March
The peer to peer trading is growing fast in the Africa market, most especially in Nigeria. Binance P2P reported a total trading volume of $280 million snce the launch of the Nigerian Naira (NGN) in March 2020.
Binance P2P supports fiat-to-crypto trading for five fiat currencies in Africa, including NGN, GHS, KES, ZAR and UGX processing $200 million so far this year.
The peer-to-peer trading platform allows users in Africa to directly buy and sell BTC, ETH, USDT, BNB, DAI, and BUSD without paying for the transaction fees using is the Egyptian pound (EGP) , Moroccan dirham (MAD) and others already listed above.
Commenting on the success of the Binance P2P being a product of it’s P2P merchants, the blog post reads; “They are the heroes behind the exponential growth of P2P trading. They play a key role in providing liquidity and trading services for our users and facilitate crypto adoption in Africa.”
Per the blog post, Binance P2P merchants in Africa reportedly earn between $30 and $350 per day conducting crypto-fiat P2P trades using the platform.
Africa is predicted to be the power house of blockchain and cryptocurrency adoption around the world. The success of P2P trading in Africa started with Paxful, Localbitcoins, followed by Binance P2P.
Chainalysis report in September showed an increase in crypto trading from Africa with Binance covering a whole lot of the trading volumes. Moreover, in our recent Market Insights report, Binance covers the highest 24hours Bitcoin trading volume to naira followed by Luno on regular exchanges.
Since it’s debut to African market, Binance has successfully secured a stronghold in Africa especially in Nigeria offering numerous crypto focused financial services to the region. Moreover increasing the adoption of cryptocurrency.
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