P2P recently revealed that it has seen a 350% spike in new Russian users signing up to the platform in the last 12 months. In total, the platform’s new user registrations have grown to record new highs since the COVID19 outbreak in March 2020.
Rising Average Monthly Trading Volume
According to data released by Paxful, average monthly trading volumes in Russia have risen to $4 million. When it comes to payments, Russians using Paxful use online wallets, gift cards, credit and debit cards, and bank transfers.
According to Paxful’s Manager for Russia, even without the current crisis, Russia’s banking system has always been highly centralized. As a result, Paxful gets the sentiment that Russians are looking for alternatives to grow their earnings and take part in the financial market. He noted that Bitcoin within the P2P platform gave them the freedom to do it.
On July 22, 2020, Russia passed a new law that makes it illegal to pay for services and goods in Bitcoin. However, the law also gave legal recognition to crypto. The legal clarity provided by the new law could help the Russian digital asset market to grow.
According to recent data by Useful Tulips, Russia is the largest P2P trading market in Europe. However, most of the trading takes place on LocalBitcoins, with monthly volumes of around $32 million. During the same period, Paxful experienced monthly trading volumes of around $0.4 million, which contrasts claims made by Paxful.
In total, Paxful claims to have seen BTC trading volumes climb to $1.1 billion in the first half of 2020 compared to $817 million in the same period last year.
According to the data by Paxful, the platform saw total monthly trading volumes of around $182 million in the first half of 2020. The exchange’s leading sources of trading volumes were Ghana, the US, Nigeria, Kenya, and India. To date, Paxful has over 4.5 million users and it reached a total of $4.6 billion since its launch in 2015.
In general, P2P trading volumes have been growing globally. It might as a direct result of the collapse of the global economy due to COVID19.