After publicly announcing the shutdown of its Uganda-based subsidiary in October this year, Binance has reportedly disclosed recent details of another project – Binance P2P – establishing a steady foothold in Africa. 

Specifically, the world’s most major crypto exchange platform by market cap Binance drafted a blog post named “P2P Merchants: Facilitating Freedom of Money in Africa”, to reveal the development of its P2P project in the territory during 2019. 

The most noteworthy point being the revelation of the processed amount of transactions by Binance P2P – an overall equivalent of $280 million in local currencies, since March 2020 – when the project rolled out facilitating features for the Nigerian Naira (NGN).

Binance further stated that the project will let African merchants in Nigeria, Kenya, South Africa, Egypt and Morocco to “earn between $30 and $350 per day”, conducting selling and purchasing activities for crypto to their peers, in local fiat coins. Binance additionally claimed in a different post that with Binance P2P, “it’s easy to run your own crypto trading operation.”

The development reportedly surfaced not long after Head of Binance, Changpeng “CZ” Zhao, remarked in May this year, in which he regarded Africa as an “untapped market”, which offers both significant opportunities, along with unique challenges.

“We view the entire African market as a really key market,” he said. “I don’t think it’s very easy to buy cryptocurrencies in Africa right now overall, so we want to help improve that situation.”

“In terms of the crypto scene and everything, things are growing very rapidly, really across the continent, but specifically in Nigeria, South Africa, Ghana, and Kenya,” Head of Nigeria-headquartered exchange Yellow Card, Chirs Maurice, reportedly shared.