Following the announcement of the disappointing closure of the Ugandan subsidiary in October, Binance’s largest cryptocurrency exchange Binance published a blog post yesterday stating that another initiative, Binance P2P, is making significant progress in the world’s second most populous continent. …
This post entitled “P2P Traders: Promoting Free Money in Africa” highlights the growth of the peer-to-peer trading program in the region throughout the year – in particular the P2P platform Binance totaled $ 280 million. in local currency in African equivalent since March. When the program includes coverage of Nigerian Naira (NGN).
Binance also claims that the program allows local sellers in Nigeria, Kenya, South Africa, Egypt and Morocco to “earn between $ 30 and $ 350 per day” to buy and sell cryptocurrencies to their counterparts in local fiat currencies. In a separate post, Binance also announces that with Binance P2P it is “easy to start cryptocurrency trading”.
This update follows comments from Binance CEO Changpeng “CZ” Zhao in May, in which CZ described Africa as an “untapped market” characterized by important opportunities as well as unique challenges.
“We see the whole African market as a very large market,” he said. “I do not think it is very easy to buy cryptocurrency in Africa right now, so we want to help improve that situation.”
In a July interview with Cointelegraph, Yellow Card CEO Chris Morris from Nigeria offered a different view of CZ, suggesting that growth will be easy:
“When it comes to the programming scene and everything else, things are moving very fast, in fact all over the continent, but especially in Nigeria, South Africa, Ghana and Kenya,” Morris said.
In addition, the data show that use in Africa is increasing. In September, the research firm Chainalysis published a report stating that low-value cryptocurrency transfers increased more than 50% during the year across the continent.
This is a particularly promising development given the potential for cryptocurrency to significantly improve exchange and settlement across the continent.