We recently had the opportunity to chat with Jukka Blomberg, the Chief Marketing Officer (CMO), LocalBitcoins, to discuss the state of crypto adoption in Africa.
LocalBitcoins is the oldest and the largest P2P bitcoin marketplace in the world serving users more than 190 countries.
LocalBitcoins is expected to release its full-year financials and Jukka also shared some details in terms of growth since the onset of the pandemic. The company, which is regulated in Finland, now has more than 8 Million users who transacted over $3 Billion in 2020.
LocalBitcoins In Africa
In 2020, the platform added more than 1.7 Million users across the World with more than 20% of the growth coming from Africa.
According to Jukka, Africa is very significant to LocalBitcoins strategy. Africa is the platform’s third largest market after Latin America and Eastern Europe.
In terms of volumes per country, Kenya, Nigeria and South Africa, still account for more than 80 per cent of the volumes from the continent.
LocalBitcoins In Kenya
Jukka also revealed that the first trade from Kenya on the LocalBitcoins platform was conducted in September 2013, just one year after the company was founded.
Additionally, trade volumes from Kenyans on LocalBitcoins have more than doubled in the last year while users on the platform have increased by more than 80% over the last year. On average, Kenyans trade about € 5 Million per month on the platform.
Jukka on El Salvador’s move to adopt bitcoin as legal tender
El Salvador recently became the first country in the world to adopt bitcoin as legal tender after Congress approved President Nayib Bukele’s proposal to embrace the cryptocurrency, a move that delighted the currency’s supporters.
Speaking on this move, Jukka mentions that this is a significant move and that this is a huge endorsement to Bitcoin as a store of value.
LocalBitcoins 1st Africa Webinar
We have partnered with BitcoinKE to host the LocalBitcoins team on 19th of June 2021 to discuss the state of Crypto adoption in Africa. There will be giveaways at the webinar for the first few users to register for the event.
To register for this webinar, use this link to register; https://us02web.zoom.us/meeting/register/tZIpdOugrDIrGNZnVJrV5jRQCGWS–MLYgWa
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