Cryptocurrency Adoption in Africa is Unprecedented

The interest in Bitcoin and other cryptocurrencies is exponentially increasing in the African continent. According to recent statistics, cryptocurrency use-cases have risen significantly over the past year.

The CEO of Twitter, Hack Dorsey recently stated that ‘Africa will define the future (especially the Bitcoin one!)’, however, there are still some hurdles on the way like the legality of cryptocurrencies. According to Luno, around 60% of African governments have yet to clarify their position on the legality of cryptos.

Additionally, internet coverage in the continent is far lower than the rest of the world. Statistics from the Internet World Stats show that while the world’s average is around 60%, Africa is only at 39%.

However, these statistics haven’t stopped Africa from adopting cryptocurrencies and blockchain technology. Africa’s potential is huge and the growth we are seeing is rapid.

Akoin, a ‘crypto city’ envisioned by Akon himself is a futuristic cryptocurrency themed city that will be built in Senegal and will include roads, hospitals, hotels, and schools. Akon already got a building contract for $6 billion to build the city.

How can Vertex help?

While the adoption of cryptocurrencies is growing around the world, the ability to buy and sell cryptocurrencies through fiat currencies is still not available for everyone. Even when you have access to fiat-crypto gateways, it’s not always easy and there are huge fees involved most of the time.

With P2P markets like Vertex, users can directly interact with other users and exchange crypto for fiat through a wide arrange of payment methods like PayPal or bank transfer. Users agree on the price and terms beforehand.

To avoid unnecessary risk, customers of Vertex can easily get covered through an Insurance model covered by Coincover. The insurance is there in case your account is lost or hacked or if someone scams a customer after a trade.

At Vertex, we support hundreds of cryptocurrencies including Ethereum and ERC-20 tokens like USDT, a stablecoin. We also support numerous payment methods and we are available in 150 different countries including many inside the African continent. We have more than 30,000 registered users and we are continuing to grow every day.

Anyone can trade up to $1,000 without having to pass KYC. Also, anyone can post any offer they want using their own terms. We believe that P2P marketplaces are a crucial step for cryptocurrencies to become adopted worldwide.