The Chief Executive Officer of one of the leading cryptocurrency platforms in Nigeria, NoOnes, Ray Youssef, has revealed that peer-to-peer popularly known as P2P is probably like $500bn business in Nigeria alone.
Youssef said this in an interview with Techpoint Africa on the heels of an imminent ban on cryptocurrency in the country.
Speaking on the astronomical P2P transactions on Friday, the NoOnes boss asserted, “Peer-to-peer is probably like a half a trillion dollar business inside Nigeria alone. That’s the truth. Officially, cryptocurrency volume in Nigeria is at $59 billion a year, and that’s just all the official volume of everything that is happening on centralised exchanges that can be tracked on the blockchain. Yeah, let’s say $59bn to $60bn.
“That’s a joke; the real volume is ten times more than that. That’s peer-to-peer, and that’s not just volume that has happened.”