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Paxful Shutdown Hit Nigeria Harder Than the Rest of the World

The shutdown of peer-to-peer cryptocurrency marketplace Paxful has left its worldwide community searching for alternatives, but it appears to have especially affected the Nigerian Paxful community. Nigeria ranked eighth in terms of crypto adoption and usage rate among 154 countries included in a 2020 study by Chainalysis. Paxful pioneered the use of peer-to-peer trading in Nigeria, helping expand the crypto industry in the country. Some members of the Nigerian Paxful community expressed their worry about the future of crypto marketplaces, while others expressed concern about getting their funds back. Paxful CEO Ray Youssef has assured users that the team is working on clearing send-outs.

(By AMAKA NWAOKOCHA)

Nigeria
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