Paxful, a leading peer-to-peer (P2P) Bitcoin marketplace, revealed that it processed more than $1.6 billion worth of global trading volume last year.
India’s digital assets industry has been experiencing major challenges as the nation’s central bank, the Reserve Bank of India, has prohibited local banks from dealing with firms offering crypto-related services since 2018. However, recent Paxful data reveals that is not what the people of India really want.
According to a press release shared with Crowdfund Insider, Paxful’s growth case study found that cryptocurrency trading volume in India during the month of January (on its platform) was at $5.1 million, which is notably an 8% month-over-month increase (another record).
There were reportedly 23,500 crypto transactions settled via Paxful during the month of January, which represents a month-over-month increase of 11%.
The main transaction method, which accounted for 76% of all bitcoin trade volumes on Paxful, came from the bank transfers payment method
Paxful onboarded 4,286 new users in January 2020, which was significantly more than in December 2019.
As noted in the release:
“Increased usage despite lack of banking support shows that the people of India understand the benefits of cryptocurrency and desire additional resources that will bring them financial freedom. With the right support from the government and proper safeguards in place for a billion people, India has the potential to become a Crypto superpower.”
It added:
“To further highlight P2P finance expansion in India, Paxful also saw record numbers year-over-year from 2018 to 2019 with Bitcoin (BTC) transaction volume increasing by 150% compared to 2018 (11.5 million in 2018 to 28.9 million in 2019).”