hitting a new all time high of nearly $20,000 crypto remains one of the few industries that managed to thrive in the economic downturn the pandemic has brought.
Nigeria has continued to witness a huge rise in the adoption of digital money as a means to store value, preserve wealth, trade, and settle day-to-day payments. Another great use case for crypto, popular with the local traders and businesses in Nigeria, is helping them hedge against weak naira partially caused by the shortage of US Dollars in the country.Since launching 5 years ago, global transactions on the Paxful platform have grown by over 25% from October 2019 to October 2020.
In an effort to consolidate its wins in the Nigerian market, the company employed local industry experts dedicated to the Nigerian market and became a premium member of Nigeria’s FinTech Association. The partnership will help Paxful deepen its integration in the country’s crypto industry, become an important part of the local financial ecosystem, and protect its Nigerian users better.
With the growing demand for stable digital currencies amidst fears of economic recession and the high volatility of traditional crypto assets, Paxful added USDT to its platform. The addition came with a hedging option, allowing users to instantly convert BTC to USDT and vice versa, helping the users protect their funds during Bitcoin price fluctuations – a feature that was well accepted in Nigeria.