Africa seems to be leading the way in blockchain and cryptocurrencies. The crypto platform KuCoin also notices this in the number of users from this jurisdiction.
Increasing interest in crypto trading
Cryptocurrencies are proving to be a major godsend for many residents of Africa. This is due to various currency problems or hyperinflation. The same digital currencies are also increasingly becoming the preferred means of transferring money or making cross-border payments.
Cryptocurrencies have real use cases in Africa in addition to trading. However, according to Johny Lyu, the CEO of KuCoin, one of the largest crypto exchanges in the world, many African users or holders of cryptocurrency are starting to become more interested in the trading side of the coins.
Spot and margin trading in Africa
In addition, according to Lyu, more and more African users are taking the risk of futures or margin trading.
The top cryptocurrencies on the KuCoin platform among African users turns out to be Bitcoin (BTC), followed by Ethereum (ETH), Solana (SOL), Kadena (KDA), and Terra (LUNA). In addition, various native tokens from NFT, Gamefi and Metaverse projects are also included in the wallets of African users, such as BLOK, DREAMS and more. In addition, meme coins like DOGE, SHIB and ELON have also attracted the attention of African investors.
It is reported that the number of African users on the KuCoin platform has increased every month since the beginning of 2021. The trading volume is expected to grow with the increase in users. The calculated trading volume for October 2021 increased by 74% from the previous month and the number of newly registered users even increased by more than 200%.
It is reported that most African users are now engaged in spot trading. In November 2021, the volume of spot trading represents 60% of all trading products. But margin trading is also reportedly growing in popularity quickly. In October 2021, this increased by 143% compared to the month before.