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  • Tech - News - Startups
  • Updated: June 13, 2021

Bitcoin Lending Platform Paxful To Start Two Offices In Nigeria Despite Crypto Crackdown

Bitcoin Lending Platform Paxful To Start Two Offices In Nige

Africa's largest P2P bitcoin marketplace Paxful is planning to start new offices in Nigeria, which has been its largest marketplace.

This was disclosed by Paxful CEO Ray Youssef at the Bitcoin 2021 Miami conference, where he revealed the reason behind the recent Nigerian ban and the massive growth of Paxful on the continent.

Responding to a question on how to Paxful is leading this massive bitcoin adoption in Nigeria, Ray said:

“The young people of Nigeria have turned to bitcoin and using it with such efficacy that the government had to institute draconian means to slow it down, but they can’t.

“In January 2020, remittances, foreign currency coming into Nigeria, were at $2.5 billion. By September of 2020, that had fallen to $55 million – a 98.7% decrease in the amount of foreign money coming in, but it was a 98.7% increase in bitcoin being used as remittances. This shows you the power of a motivated youthful population to actually move forward.

Paxful has 1.5 million users in Nigeria. We’ve done $1.5 billion of volume there and we’re starting 2 offices there right now – incubation education centers. Going there again has made me realize our work there has just only begun.”

Youssef added that in addition to leading markets like Nigeria, new markets are “blowing up” every day. He expects Cameroon and Ethiopia to be strong contenders for emerging crypto markets in the next few years.

“People ask me why I am so crazy about Africa,” Youssef said. “Well, the reason is, I’ve been there, I’ve met the people, I’ve seen the problems that they have. It makes perfect sense once you’re there.

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