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Kenyans Can Now Buy and Sell Crypto Through Paxful's P2P Marketplace

Paxful has partnered with Kenya-based remittance network BitLipa to allow users to buy and sell bitcoin and the tether stablecoin.

Nairobi, Kenya
Nairobi, Kenya

Peer-to-peer digital asset marketplace Paxful has partnered with remittance network BitLipa to allow Kenyan users to buy and sell bitcoin (BTC) and the tether (USDT) stablecoin.

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  • Announced Thursday, the arrangement mean BitLipa's app serves a fiat currency on-ramp to Paxful's service.
  • Paxful said 45% of its active users hail from Africa, while in Kenya specifically the company’s trading volumes are on the rise.
  • The marketplace said it had reached over 108 million Kenyan shillings ($969 million) in trading volume in November.
  • The crypto service may soon be offered more widely. BitLipa, which is based in Nairobi, is currently working on expanding to Uganda, Tanzania, Rwanda and Ghana. Ultimately, it aims to "integrate all of Africa and Middle East mobile money networks" by mid 2021.
  • “Through the partnership, we are focused on reaching an estimated 60% of the African population that is unbanked, and equipping them with the right financial tools,” said Apollo Omer, CEO of BitLipa.

See also: Paxful to Roll Out Crypto Debit Card for US Customers

Tanzeel Akhtar

Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.

Tanzeel Akhtar