Bitcoin’s peer-to-peer market (BTC), Paxful, announced on July 14 that its platform had experienced another increase in trading volume, reaching the $4.6 billion mark and reaching more than 4.5 million wallet entries.
Paxful also forecasts two million additional users by the end of 2020 as the company enters its fifth anniversary year.
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Emerging markets play an important role
Ray Youseff, CEO of Paxful, noted that emerging markets in developing countries are a major factor in the platform’s recent growth.
He said: „When you look at our data, in Africa, Nigeria, Ghana and Kenya lead in terms of volume this year. Fourthly, and surprisingly, one outstanding country we have seen is Cameroon, where we have USD 5 million in volume (YTD 2020).
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Youseff said that Paxful has seen a significant increase in India’s crypt coin market since 2019, with an increase in trade volume of 883% from USD 2.2 million to USD 22.1 million in 2020.
COVID-19 Effects on P2P Cryptcoin Trading Activity
The CEO also stated that the global coronavirus pandemic has had some effect on the growth of the platform. Investors have become more interested in non-traditional assets to protect their wealth as COVID-19-related closures have shaken global markets.
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He said: „In terms of the COVID-19 pandemic, while it has affected the use of cryptosystems on our platform and more specifically the interest in a non-traditional monetary asset, we believe that the continued growth is more the result of the financial inequality that continues to plague the world.
Cointelegraph reported on June 11 that Bitcoin’s P2P trading activity in the United States increased to a new all-time high during the week of June 7.