Reserved IP Address°C
02-12-2025
BSV
$39.22
Vol 23.84m
-4.14%
BTC
$96259
Vol 36705.94m
-1.95%
BCH
$331.98
Vol 145.34m
-2.67%
LTC
$118.05
Vol 1472.83m
-9.02%
DOGE
$0.25
Vol 1421.61m
-4.41%
Getting your Trinity Audio player ready...

“Africa is the next digital currency frontier” is a rhetoric you may have become used to by now. However, new data is proving that this isn’t just a narrative pushed by media outlets—the continent has now surpassed Latin America in peer-to-peer trading volume for the first time.

African P2P platforms registered over $14 million worth of trading volume in the last week, the data from analytics platform Useful Tulips shows. This is the first time that Africa has surpassed Latin America in trading volume, Useful Tulips founder Matt Ahlborg shared on Twitter.

Africa is now only second to North America in P2P digital currency trading, the data shows. The North American region still has a significant lead in this sector, recording $25.8 million worth of weekly trading volume.

Africa surpassing Latin America is a significant milestone. For a long time, Latin America has been regarded as the best example of how digital currencies are offering a lifeline to a region afflicted by inflation and economic chaos. Citizens in such countries as Venezuela and Colombia have showed that digital currencies can be the solution to the currency crisis.

Nigeria has continued to be the most dominant player in the African market. In the past week, the West African country recorded $9.3 million in trading volume. South Africa comes in at a distant second with $1.7 million, with Kenya following closely behind at $1.6 million.

The new data reiterates a study done by Luno and Arcane Research on Africa which showed a budding digital currency market. As CoinGeek reported, the report showed a market in which trading mostly takes place on P2P platforms, with centralized exchanges still finding it difficult to penetrate the market. The ‘The State of Crypto: Africa’ report also looked at the challenges facing the African market, including poor infrastructure, lack of technical adoption and low internet penetration.

The future does however look bright for the African digital currency market, and with the volume on P2P platforms surging in recent months, it won’t be long before the continent catches up with Western countries.

Recommended for you

Microsoft to upskill 1M South Africans on AI as scams surge
Microsoft will train 1 million South African youth on AI and other digital skills by 2026 as part of its...
February 12, 2025
Canada removes digital asset funds from reduced margin eligibility
Elsewhere, the Czech president has signed a new law that exempts capital gains taxes from digital assets held for at...
February 11, 2025
Advertisement
Advertisement
Advertisement