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Cryptocurrency News Articles
Nigeria's P2P Crypto Market: A Trillion-Dollar Giant Unveiled
May 06, 2024 at 01:05 pm
According to Ray Youssef, CEO of Noones, the value of P2P crypto transactions in Nigeria surpasses the officially reported $59 billion. Youssef asserts that most P2P transactions occur informally through WhatsApp, Telegram, and in-person channels, estimating the actual volume to be ten times higher than the reported figure. This sentiment emerges amid concerns over an impending ban on P2P crypto exchanges in Nigeria, with authorities scrutinizing crypto platforms for allegedly facilitating speculation and currency manipulation.
Nigeria's Booming P2P Crypto Market: Unmasking the Hidden Trillion-Dollar Giant
In the bustling streets of Nigeria, where the vibrant energy of commerce permeates the air, a hidden financial revolution is unfolding—the realm of peer-to-peer (P2P) cryptocurrency transactions. Ray Youssef, CEO of the P2P crypto app Noones, unveils the staggering truth that lies beneath the surface of reported figures, revealing a market that dwarfs official estimates by an astonishing margin.
"Peer-to-peer is probably like a half a trillion-dollar business inside Nigeria alone. That's the truth," Youssef proclaims. "Officially, cryptocurrency volume in Nigeria is at $59 billion a year, and that's just all the official volume of everything that is happening on centralized exchanges that can be tracked on the blockchain."
Youssef, who has witnessed the transformative power of P2P crypto through his platforms Noones and Paxful, paints a vivid picture of the true nature of this market. "That's a joke; the real volume is ten times more than that. That's peer-to-peer, and that's not just volume that has happened."
Unlike traditional exchanges, P2P transactions operate outside the confines of centralized platforms, flourishing in the organic and informal spaces of daily life. "Most peer-to-peer doesn't happen on Binance P2P or NoOnes or any of these other platforms," Youssef explains. "They happen on WhatsApp, Telegram, the coffee shops, everywhere on the streets. That's where most peer-to-peer is really happening."
This decentralized ecosystem, Youssef suggests, may even account for a significant portion of the $60 billion reported to flow through centralized exchanges. "I think most of that is actually peer-to-peer volume they are kind of covering up too because Nigerians are very crafty and have ways to use things for things they weren't necessarily meant to be used for," he adds.
However, this burgeoning market faces a looming threat—a potential ban on P2P crypto exchanges in Nigeria. Local reports indicate that such a regulation is in the works, casting a shadow over the vibrant ecosystem that has thrived in the country.
Exchanges operating in Nigeria have come under scrutiny, with authorities alleging that they facilitate speculation and potential manipulation of exchange rates. In late February 2024, the government ordered several major players, including Coinbase, Quidax, and Binance, to cease operations.
Despite the challenges, the resilience and adaptability of the Nigerian crypto community remain undeterred. As centralized exchanges face restrictions, P2P transactions are poised to further entrench their dominance in the country's financial landscape.
The true extent of the P2P crypto market in Nigeria may never be fully captured by official figures. Yet, it is a testament to the ingenuity and resilience of the Nigerian people, who have embraced this transformative technology to unlock new economic opportunities and transcend the limitations of traditional financial systems.
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