Binance has reported a surge in the number of African users on its platform. Trading volume of crypto-crypto transactions increased by 28.61 per cent between January and April 2021.
The company recorded a 2228.21 per cent increase in P2P users on its platform, and 386.93 per cent in P2P volumes across Africa. Also, there was a 114.33 per cent increase in users across Africa between January and April 2021.
Although Binance is witnessing a rise on the continent, the same cannot be said about its US operations. The company is under investigation by the US Justice Department and Internal Revenue Service. The federal agencies are investigating whether the platform is been used to fund illicit activities and evade taxes.
Also, Ernst & Young Global Ltd has announced that it is investing $100m in blockchain technology. The company is investing this amount in research, engineering, and services of blockchain and crypto asset technology.
EY Global Chairman and CEO, Carmine Di Sibio said, “Over the past five years, we have been investing in blockchain and have developed innovative solutions, establishing EY as a leader in this emerging industry. As blockchain adoption continues to grow and we see more demand from EY clients, we are excited about further EY investment to respond to their challenges and needs.”
The company hopes that as a new era of multi-party business-to-business transactions is enabled by tokenization and smart contracts, its investment will help it accelerate the development of new products, improve user experience, and increase market adoption.
Blockchain technology is the underlining technology that birthed cryptocurrency. More prominent institution investing in it gives credence to the crypto market.
According to usefultulips.org Nigerians have traded $24,771,577 in volume so far in the month of May (this is limited to LocalBitcoins and Paxful). In April Nigeria traded $33,164,781 in volume.
According to coinmarketcap.com on Tuesday Bitcoin was $43,056.01. It had a 24-hour trading volume of $60,617,231,916. Bitcoin was down 0.79 per cent. It had a live market cap of $805,712,790,710, a circulating supply of 18,713,131 BTC coins, and a max. supply of 21,000,000 BTC coins. Ethereum was $3,344.99. It had a 24-hour trading volume of $45,826,901,630. Ethereum was up 2.95 per cent. It had a live market cap of $387,771,934,820 USD, a circulating supply of 115,926,270 ETH coins, and its max. supply was not available. Dogecoin was $0.474847. It had a 24-hour trading volume of $5,345,493,729. Dogecoin was down 1.11 per cent. It had a live market cap of $61,565,275,134, a circulating supply of 129,652,801,779 DOGE coins and its max. supply was not available.
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