The use and trade of crypto currencies is increasing in Africa, says the CEO of an exchange

The use of and trade in cryptomoney has spread across Africa, gaining prevalence throughout the continent, according to Chris Maurice, CEO of Yellow Card, a cryptomoney exchange based in Lagos, Nigeria.

„In terms of the crypto scene and everything about it, things are growing very rapidly, really across the continent, but specifically in Nigeria, South Africa, Ghana and Kenya,“ Maurice told Cointelegraph in an interview.

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With the four countries mentioned above leading the Bitcoin System boom, Maurice added: „At this point, it is only a matter of time before it continues to expand to the rest of the continent.

The use of crypto currencies in Africa is not represented on paper
Unlike North America, with its large number of exchanges, Africa sees more trade, transactions and use of cryptosystems more freely or over the counter, making the volume defined by an exchange an imprecise representation of the prevalence of the asset class.

„Most of it is not executed through formal exchanges,“ Maurice said of the transactional volume of crypto assets. „They are executed through WhatsApp, Telegram or informal operations,“ he said, pointing to some examples of other ways crypto is used across the continent.

Maurice added:

„The actual volume in Africa, I would estimate is at least five to eight times greater than any number of actual volumes that can be found, just depending on the amount of money that is moved through obscure groups, essentially, through these Telegram and WhatsApp groups.

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Maurice has seen the prevalence of crypts in Africa
„I heard estimates that Nigeria and South Africa are in the top five in terms of cryptomoney users per capita,“ Maurice said. „I’ve seen estimates of up to 10 percent of people in South Africa who own, or at some point have owned, Bitcoin,“ he added. Recent reports from Cointelegraph confirm the high numbers of headlines and use of cryptosystems throughout the region.

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Drawing on his experience in the Yellow Card exchange, as well as his involvement in cryptoactives across the continent, Maurice noted that these data were logical. „Especially in Nigeria and South Africa, it’s very unique because almost anyone you talk to has at least a basic level of understanding of Bitcoin,“ he said, comparing the situation to that in the United States.