Emerging markets drive a staggering amount of Bitcoin in the first half of 2020 to $ 1.1 billion
Paxful peer-to-peer (P2P) cryptocurrency exchange Paxful reported on Tuesday that its bitcoin transaction volume increased 35% to $ 1.1 billion in the first six months of 2020 from $ 817 million a year. before.
On average, over $ 182 million in bitcoin (BTC), has been trading on the platform every month between January and June of this year. Nigeria, the United States, Ghana, India and Kenya led the growth, with the fastest growing emerging markets.
To date, Paxful has accumulated 4.5 million users and has reached a total trading volume of $ 4.6 billion for BTC since it began operations in 2015. Average amount of money per transaction currently is hovering at $ 102 - more than double the average of five years ago, at $ 45.
According to a statement shared with news.Bitcoin.com, Paxful CEO Ray Youssef said the P2P market has added, on average, one million users every year for the past four and a half years, with 2020 following. add two million -up.
About 1.1 million new users joined the platform from January to June, compared to 480,000 registered users over the same period in 2019. Youssef attributes the growth in the number of users to the inflation rate. high, weak national currencies, inadequate financial infrastructure and growing economic instability.
The CEO said, we built Paxful to help the little guy and create wealth for those who need it most. There are people who live with limitations and limits that we cannot imagine. To include the actual financing that happens, it requires a free market to transfer money, he added.
Peer exchange is sometimes involved in phishing activity. Paxful said it has reduced the dispute to less than 1%. Dispute rates for all countries have a minimum of 1,000 transactions averaging 0.025 in 2019 and lost 56 transactions before encountering the dispute, they said.
Competitor Localbitcoins said that in recent years 2019 revenue increased 10% to $ 29.6 million compared to $ 27 million the previous year. During the year, operating income fell 6% to $ 19.9 million compared to $ 21.2 million a year earlier.
The Finnish market said about $ 2.8 billion in volume was traded from 15.6 million transactions. Localbitcoin added 1.46 million new users last year.
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