We live in a time of tech-savvy people and the youths are the number one users of technological devices. It is no surprise that Paxful, a global peer-to-peer cryptocurrency marketplace notes that majority of the users of virtual currency in Africa are more likely to be male and under the age of 30. The report states that Paxful which receives more than R500-million per month from its African consumers noted that more than half of its customers are under 30 years of age. The report revealed that 70% have a tertiary qualification or a post-secondary school qualification while the dominant users are male taking 65% with the females taking 35%.
Africa is still developing technologically but, it is surprising to see that the Paxful noted that more transactions involving the transfer of goods, services, and money were facilitated via their platform in Africa, compared to other developing countries where digital currencies are traded speculatively for profit. African consumers who use Paxful find that digital currency offers them lower fees when it comes to cross-border commerce. The added fact that transactions are conducted speedingly and they are safe also attracted entrepreneurs and who find cryptocurrency easy for their operational and exporting capabilities.
Paxful find the African market an expanding market as Ray Youssef, co-founder, and CEO of Paxful says, “We are on the verge of the peer-to-peer financial revolution and it is being led by Africa.” He added, “Bitcoin, Ethereum, and other virtual currencies are just newer financial services instruments. Paxful’s growth on the Continent reflects the tremendous appetite for innovation in Africa.” Africa already has an advantage over the so-called ‘developed markets’ when it comes to innovation in financial services, with an expanding middle-class that has already embraced innovation in banking in comparison to other parts of the world. It Is no surprise to see that Africa is a hub for a lot of the multiple use cases of the blockchain technology.
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