This archive report was first published on 15 June 2021.
On June 15, 2021, we spoke with Jukka Blomberg, Chief Marketing Officer at LocalBitcoins, about the state of crypto adoption in Africa.
LocalBitcoins, the oldest and largest P2P bitcoin marketplace in the world, serves users in over 190 countries. The company, regulated in Finland, has over 8 million users who transacted over $3 billion in 2020.
According to Jukka, Africa is a significant market for LocalBitcoins, accounting for 20% of the company's growth in 2020. The continent is the platform's third-largest market after Latin America and Eastern Europe.
Kenya, Nigeria, and South Africa are the top three countries in Africa for trade volumes on LocalBitcoins, accounting for over 80% of the continent's volumes. Trade volumes from Kenyans on the platform have more than doubled in the last year, while users have increased by over 80%.
On average, Kenyans trade about €5 million per month on the platform. The first trade from Kenya on LocalBitcoins was conducted in September 2013, just one year after the company was founded.
El Salvador's recent adoption of bitcoin as legal tender is a significant move, according to Jukka, and a huge endorsement for Bitcoin as a store of value.
LocalBitcoins is hosting its first Africa webinar on June 19, 2021, in partnership with BitcoinKE, to discuss the state of crypto adoption in Africa. The webinar will feature giveaways for the first few users to register.
