A new market data has informed a continuous growth of interest in Paxful’s peer-to-peer (P2P) Bitcoin service amongst cryptocurrency users in Russia. On a year-over-year (YoY) chart, the interest amongst Russian grew more than 350 percent. Paxful explained that the coronavirus pandemic is most likely one of the major factors pushing up interests amongst Russians.
Interest in Paxful P2P Bitcoin trading expected to surge in July
According to the information published on Thursday, interest in Paxful P2P service amongst crypto users in Russia has been growing in new all-time high monthly since March. Precisely in March this year, Russians’ month-over-month (MoM) interest in Paxful grew by +34 percent, +41 percent in April, and +50 percent in May.
On the YoY count, Paxful posted a growing 350 percent increase in Russians usage on its trading platform, beginning from May 2019 to May 2020. Perhaps, these reports also signal the growing rate at which Russians are using digital currencies. Already, Paxful sees over 365 percent YoY influx of new users, within the same period.
$4 million in average trading volume
Russians’ activeness on Paxful has spurred as high as $4 million in average monthly trading volume on the P2P exchange. The development is noteworthy, given that the cryptocurrency exchange only began paying attention to the Russian market last year. Paxful said it is a signal of a bright future for P2P trading in the country.
Following the growing interest in Paxful from March, the exchange is expecting to record another highest point in this month. This owes to the report that Russians are increasingly running to cryptocurrencies like Bitcoin, and other Fiat currencies to hedge against inflation.
The manager for the Russian market at Paxful, Anton Kozlov added:
“Crisis aside, Russia has always had a monolithic banking system that is dominated by a few players, and the sentiment we get is that Russians are increasingly looking to find alternative ways to grow their earnings and participate in the financial markets. Bitcoin within the P2P context allows them much more freedom to do so – and our data is proving it.”