Paxful surpasses LocalBitcoins in Bitcoin P2P volume for the first time

06/11/2020

ForkLog

Bitcoin transaction volumes atP2P platform Paxful following the results of the last week infor the first time in dollar terms turned out to be higher than that of a competitor Localbitcoins - $ 42.8 million against $ 41.7 million. Such data were cited by the founder of the analytical service Usefultulips Matt Alborg.

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Bitcoin Peer-to-Peer Trading Indicatorworldwide since the beginning of the year continues to grow at a record pace. The largest contributors continue to be from the United States and Canada. In these countries, at the end of the last week, bitcoins with a total value of $ 29.85 million changed their owners.This practically corresponded to the record two years ago at $ 30.21 million. Of this amount, $ 24.12 million fell to Paxful, the rest - to Localbitcoins.

For the first time in more than a year, the US dollar set a new record of $ 28.78 million in such transactions. The main driver remains the US currency denominated gift cards on Paxful.

New records were also set in India ($ 3 million), Nigeria ($ 8.95 million), Kenya ($ 1.76 million) and Ghana ($ 1.22 million). Argentina was also close to the record ($ 536,000).

Overall, sub-Saharan Africa wasthe second in terms of weekly trading volume on P2P platforms after the United States - $ 13.72 million against $ 29.85 million. Latin America with an indicator of $ 11.57 million, where Venezuela is in the lead ($ 5.16 million), took the third place.

“P2P exchanges in general have shown an incredible comeback withlast fall, when new compliance standards were introduced. This testifies not only to the adaptability of platforms, but also to the insatiable hunger for bitcoin among people in developing countries, ”says Matt Alborg.

Eastern Europe weekly trading volumerose to $ 9.21 million, but remained well below the $ 28.75 million shown in December 2017. $ 8.28 million of this amount fell to Russia, $ 367,000 - to Ukraine, $ 220,000 - to Belarus.

As a reminder, earlier the Paxful platform launched the Paxful Peer affiliate program for Russian-speaking users. Members can earn money, earn bonuses, and apply for jobs at Paxful.