Binance has been able to harness the interest in Africa when it comes to cryptocurrency. Its latest announcement brings it one more step closer to the second-largest continent. On 17 November, Binance opened a new fiat on-ramp for the Ghanaian Cedi [GHS].
The users will be able to deposit GHS via mobile money into their Binance wallet and will be able to purchase crypto. Binance already provides a fiat on-ramp for users from Nigeria, South Africa, and Uganda, and now, Ghana has been the latest addition.
Binance had recently launched an affiliate program in Africa which included Ghana along with four other countries like Nigeria, South Africa, Kenya, and Uganda. While Nigeria accounted for nearly half of all total weekly P2P volumes in Sub-Saharan Africa until late October. As per a report provided by Arcane, P2P bitcoin volumes across have doubled in the last one year. However, Nigeria was leading in this aspect as well.
Despite Binance being present in Africa, Paxful has been the most dominant P2P platform in Africa, with 45% of all its users were located in Africa.
Out of all remittances were a common use case for value transfer in the region. As the year 2020 has created more awareness about crypto, even Africa noted an all-time high in terms of Bitcoin awareness. Countries like Kenya, Ghana, and South Africa accounted for significant P2P increases in 2020.
However, despite the growing prominence of crypto, Binance announced the closure of Binance Uganda in October. Binance Uganda is expected to stop all services by 28 November. Despite the closure of services, the users will be able to deposit UGX through Binance’s main platform.