The continent of Africa may be behind the rest of the world in many perspectives, yet in terms of using cryptocurrencies, they are better than many western countries. At present the African users of Kucoin have been taking a lead from the rest of the world as in the past 10 months their numbers have increased almost by 200%.
In the continent of Africa, cryptocurrencies’ growth is spreading like a plague. One of the reasons for this growth is the “hyperinflation” in most of the states within Africa. Africans are heavily relying on the use of digital currencies through which they have been able to avoid hyperinflation.
Since a large number of Africans are working abroad so when these overseas Africans send monies back home, they opt for crypto remittances. It wouldn’t be wrong to suggest that Africans are more acquainted with blockchain and digital currencies than most of the nations.
This very acquaintance of Africans with digital currencies has been duly noted by Johny Lyu, who is the CEO at Kucoin.
Kucoin is currently amongst the biggest and leading crypto trading platforms in the world. The firm is also very active in the African region and has a huge client source there which continues to increase in great numbers.
According to Lyu initially, African crypto users were interested only in holding digital currencies for long-term strategy. However, the strategy is changed now, and currently, Africans have turned their attention towards crypto trading as well.
He further noted that many of the African crypto investors, who are registered members of Kucoin, are developing interest in margin trading. Lyu said that because of this attitude change, Kucoin has had to amend its business model specifically for African users.
Lyu said that Kucoin is by far the biggest crypto trading platform in the African continent. He noted that in the past 10 months only, the number of African Kucoin users has increased almost by 200%.
He revealed that African crypto users keep their eyes on certain cryptocurrencies which include Bitcoin, LUNA, Dogecoin, Ethereum, KDA, and SOL. Similarly, these African traders have increased their crypto trade volume by 74% at least in the past 10 months.
This goes to show that the cryptocurrency industry is constantly growing all over the world. Especially, in the African region, the cryptocurrency industry is constantly growing larger. Nigeria is also waiting for another chance and opportunity to demonstrate how full potential the country is.
For now, the largest country in Africa in terms of population is now waiting for cryptocurrencies to be given a legalized status. The regulatory authorities are working on introducing a firm regulatory framework surrounding cryptocurrencies in Nigeria.
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