Monday, March 8, 2021
Home Latest News Business Kenyans can now trade crypto through Paxful’s P2P Marketplace

Kenyans can now trade crypto through Paxful’s P2P Marketplace

Peer-to-peer digital asset marketplace Paxful has partnered with remittance network BitLipa in order to allow Kenyan users to trade bitcoin (BTC) and the tether (USDT) stablecoin.

According to a Thursday announcement, the arrangement mean BitLipa’s app serves a fiat currency on-ramp to Paxful’s service.

As reported by coindesk, Paxful stated that 45% of its active users hail from Africa, while in Kenya particularly the company’s trading volumes are on the rise.

The marketplace said it had reached over 108 million Kenyan shillings ($969 million) in trading volume in November.

The crypto service may soon be offered more widely. BitLipa, which is based in Nairobi, is now working on extending to Uganda, Tanzania, Rwanda and Ghana. Eventually, it plans to “integrate all of Africa and Middle East mobile money networks” by mid 2021.

Apollo Omer, CEO of BitLipa stated:

“Through the partnership, we are focused on reaching an estimated 60% of the African population that is unbanked, and equipping them with the right financial tools.”

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