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.
What do you think about Africa’s participation in the crypto space? Share your opinion with us in the comments section below.
Image source: clintlord
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.
Latest Episode on Inside Blockchain
Crypto News Update
Crypto Bootcamp Community Celebrates Bitcoin Pizza Day Across Africa
The advent of Bitcoin has paved the way for seamless cross-border payments. The demand for third-party intervention in financial transactions...
Explore, Build Assets, Fight and Earn in the Supernova Space
A new economy was opened in 2017 when blockchain was integrated into gaming to produce the first Web3 game: CryptoKitties....
Owl.Games: The Rise of Crypto Games in the Casino Industry
Crypto gaming used to be new a few years ago but it’s going mainstream now. However, there are some sectors...
BCAT Africa: Reducing Unemployment in Africa
One of the greatest lines spoken in the Spiderverse is “with great power comes great responsibility”, although it can be...
Gamified NFT Platform Trove Announces Launch Partners SideQuest
Trove has announced its new Launch Partnership with SideQuest, a gamified risk-to-earn NFT collection. It was announced on Twitter today. ...
- Move To Earn: Keep Fit, Sport, Connect and Earn on the Calo Metaverse
- Top 5 Move-to-earn Applications on Google Playstore
- Top Move-to-Earn Projects Below $100 Million Market Cap
- MetaRuffy: An Intersection of Blockchain, Web3, VR, and AR
- Crypto Bootcamp Community Celebrates Bitcoin Pizza Day Across Africa