According to the CEO of Nigeria-based cryptocurrency exchange platform Yellow Card, Chris Maurice, cryptocurrency trading volume and usage across the continent is gaining traction. While speaking to crypto and blockchain media outlet CoinTelegraph, Maurice highlighted that the usage of crypto is especially popular in Nigeria, Kenya, South Africa and Ghana. He said:
“In terms of the crypto scene and everything, things are growing very rapidly, really across the continent, but specifically in Nigeria, South Africa, Ghana, and Kenya.”
Furthermore, Maurice stated that with the four nations leading the drive, it’s only a matter of time before the cryptocurrency adoption and application spreads across the entire continent.
Cryptocurrency trading volume and usage in Africa data lacks accuracy
In comparison to North America, where there are a variety of exchange platforms, in Africa crypto transactions such as trading and usage take place over-the-counter (OTC), where ascertaining the accurate trading volume is difficult. As a result, cryptocurrency trading volume and usage data across the continent lacks accuracy. Maurice notes that:
“The majority of it is not running through formal exchanges. It’s running through either WhatsApp, or Telegram, or informal OTC.” He goes on to claim that:
“The actual volume in Africa, I would estimate that it’s at least five to eight times higher than any actual volume number that you can find, just based on the amount of money that moves through these dark pools, essentially, through these Telegram and WhatsApp groups.”
Bitcoin and Africa are a perfect match
According to Maurice, the usage of cryptocurrencies across Africa is logical. The functionality of Bitcoin as a decentralized virtual asset, outside the control of the government, BTC has the capacity to transact faster, and act as a self-sovereign money storage. Maurice explained the features of Bitcoin as very appealing to the people of Africa.
The difficulties faced by Africans in accessing similar but more traditional solutions as the ones provided by BTC makes the crypto asset a more attractive option. Furthermore, Maurice highlighted cryptocurrencies as an supplementary source of income for the people of Africa. Africans started gaining exposure to cryptocurrencies around 2014-2015, with the industry gaining prominence in 2017, as per Maurice.