Data from the Bitcoin marketplace Paxful shows a huge surge of interest in cryptocurrency peer-to-peer trading in Russia. The report showed a 350% growth on a year-over-year basis. According to the study, from the period of May 2019 to May 2020, the peer-to-peer crypto trading platform is now seeing an average monthly trading volume of $4M in Russia. The company says that this number “exceeds expectations,” together with the YoY usage increase figures.
The demand for crypto peer-to-peer trading platform rises amid the pandemic.
The last three-months saw a 42% increase in the activity on the P2P platform Paxful, with May recording the best monthly performance amid the COVID-19 pandemic. The virus is one of the major drivers of growth, according to the P2P platform. The interest of people increased in crypto trading amid the COVID-19 pandemic, according to the peer-to-peer platform. Ray Youssef, CEO of Paxful in an interview with the crypto news outlet Cointelegraph said the pandemic brought about a wave of financial insecurity globally, which contributed to more peer-to-peer interactions within the crypto sector.
The CEO further mentioned there is a strong belief in the future of cryptocurrency combined with a lack of trust that some may experience within their traditional financial systems in the country.
African countries continue to report higher P2P trading volumes.
The bitcoin trading on P2P crypto exchanges has seen rapid growth in recent months, with the African continent now the second-strongest region in the world for P2P volume just behind the United States. The sub-Saharan African continent has overtaken the Asia-Pacific, Eastern European, and Latin American regions to emerge as the second-strongest peer-to-peer market by a volume margin of more than 50% this year. Several crypto enthusiasts, including the founder of Twitter and Square Jack Dorsey, have claimed that Africa would play a major role in deriving the crypto adoption in the future.