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‘African markets in need of financial fluidity’

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Co-founder and Chief Executive Officer of Paxful, Ray Youssef. Photo: YOUTUBE

Co-founder and Chief Executive Officer of Paxful, Ray Youssef, has said African economies managers must adopt peer-to-peer finance systems for inclusion to boost the continent’s economy.

According to him, African markets are in need of the financial fluidity that cryptocurrencies have to offer. Operating as a type of escrow service, they keep both parties safe and ensure the integrity of their transactions using blockchain technology.

“African markets are in great need of the financial fluidity that cryptocurrencies have to offer. It has the possibility to transform Africa economy. As has been the case with other disruptive financial technological innovations, Africa is currently leading the peer-to-peer financial revolution thanks to widespread enthusiasm, especially among the young and upwardly mobile who are tired of being frustrated by a system in which financial institutions are not easily accessible.”

He said, “Nowhere else in the world has this trend gained greater momentum than in Nigeria, which has emerged as the biggest market of any country in terms of the number of Paxful users. We are observing a new generation of young African graduates and professionals making use of peer-to-peer finance as a way to better engage the global financial system.”

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