Share this article
Africa 'Is Leading Global Cryptocurrency Adoption’: Paxful CEO
Paxful CEO Ray Youssef said all eyes should be on Africa right now.
Updated Sep 14, 2021, 1:06 p.m. Published Jun 4, 2021, 9:13 p.m.
Make us preferred on Google
“Everyone should have all eyes on Africa right now,” said Ray Youssef, CEO of peer-to-peer lending platform Paxful during CoinDesk TV’s “First Mover” show on Friday.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Youssef said the number of transactions on Paxful in Africa, combined with Google searches primarily from Nigeria, reflect the “tremendous momentum” around cryptocurrency adoption.
“Africa's leading [in] global cryptocurrency adoption,” he said.
According to data shared with CoinDesk, Nigeria is Paxful’s biggest market to date, with around 1.5 million users and $1.5 billion in trade volume. Thanks to Nigeria’s tricky exchange rate policy, inflation and large number of unbanked adults, cryptocurrencies like bitcoin are increasingly used as an alternative store-of-value.
Earlier this year, the Central Bank of Nigeria (CBN) ordered local banking institutions to identify and shut down any accounts tied to crypto platforms. The order was met with a swift backlash and the CBN has somewhat eased its position since then. However, Nigerian users quickly switched to trading on peer-to-peer platforms like Paxful to avoid interacting with local banks.
“This is just the harbinger of things to come. We're only starting to see what Africa is capable of,” Youssef said, referring to how young Nigerians have built their own alternative financial networks.
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.
A representative for Paxful told CoinDesk that, in Kenya, the platform expects to see 120% growth in users and 142% growth in trading volumes this year based on linear projections from 2020. The company also expects to see 72% growth in users and 84% growth in trading volumes in Ghana.
“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.”
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Crypto traders can now take leveraged bets on silver via Binance Futures
Binance Futures will launch silver perpetual contracts on Wednesday, offering up to 50x leverage on silver priced in U.S. dollars per troy ounce.
What to know:
- Binance Futures will launch silver perpetual contracts on Wednesday, offering up to 50x leverage on silver priced in U.S. dollars per troy ounce.
- The contracts are margined and settled in tether (USDT) with a minimum notional value of 5 USDT.
- Crypto traders are increasingly diversifying into precious metals.
Top Stories
