The global peer-to-peer (P2P) cryptocurrency community is looking for alternatives in the wake of Paxful's closure,
but it seems to have had the most impact on the Nigerian crypto community.
Paxful announced on April 4 that company will cease operations. According to the blog of the company's founder and CEO Ray Youssef,
this choice was made because of "important personnel departures" and the regulatory setting.
Nigeria ranks seventh in terms of acceptance and usage of cryptocurrencies among the 154 nations included in the study,
according to Chainalysis' 2020 Cryptocurrency Geography Report. Until Paxful,
which promoted the usage of peer-to-peer technology in the country and assisted in the growth of the bitcoin industry,
In Nigeria, cryptocurrency adoption and use were less common.
The closure of Paxful felt like "the loss of a loved one," according to Nigerian Bitcoin user Emmanuel Susegh,
who told Cointelegraph that the exchange was essential to him earning his first $100,000. Susegh went on to say that as recently as 2015,
He liked Paxful as the exchange to use for exchanging Apple and Amazon gift cards for Bitcoin. Data analyst Obinna Uzoije,
a different Nigerian member of the Paxful community recounted using Paxful to convert the dollars,
he got from his employers as income into naira at the beginning of his career. According to Uzoije,
this closure has many other cryptocurrency aficionados in Nigeria wondering what the future of crypto markets holds.
Akeem Abdullahi, an over-the-counter (OTC) vendor, claimed that Paxful's escrow service gave rise to a new generation of OTC vendors. Those who wished to sell gift cards but lacked the literacy required to use the site might sell them to retailers.
On Twitter, some community members expressed their concern regarding people getting their money back. Users have been reassured by Youssef in a tweet, however, that the Paxful team is working to clean users' send-outs.
Disclaimer: We don,t provide any Investment advice.
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