Nigeria has the highest P2P crypto transactions in Sub-Saharan Africa. According to Luno and Arcane research firm research, the country has $8 million in crypto volumes a week.
The findings of the report are collaborative of other indicators from across Sub-Saharan Africa. Data from Binance shows that African crypto transactions rose by 386.93 percent in the last four months. Binance also saw its African user base grow by 2,228 percent in the previous four months.
Binance research also has a number of other positive pointers for the African crypto market. In a survey carried out on its African clients, 55 percent of them said that they were in investing in crypto for the long haul.
Another 38 percent said that they do not trust the current financial systems in their countries. Additionally, 31 percent of the users stated that they were in crypto for short-term trading.
Peer-to-peer trading is gaining in popularity because it allows for exchange without a 3rd party. Traders use crypto charts and other market data to determine the buying and selling price.
Binance and other exchanges have capitalized on this market by giving clients a chance to trade with each other directly. They offer clients a wide array of services that range from seller and buyer ratings. Such buyer protections have seen their adoption for P2P transactions surge over time.
Such safety safeguards have come in handy in a continent that has lots of restrictions on using crypto exchanges.