Over 80% of African Users on Mineplex Reportedly Interested in Buying Goods With Staked Crypto

Over 80% of African Users on Mineplex Reportedly Interested in Buying Goods With Staked Crypto

A report says over 80% of African users on the Mineplex marketplace have shown an interest in the platform’s commodity staking program since launch. Zero Fee Alternative

According to a recent study, over 80% of African users have taken part in the commodity staking program since its launch as a new product on the Mineplex marketplace. This figure by far dwarfs that of Asian users (23%), Europe (14%) and the U.S. (9%) users who find commodity staking interesting.

As noted in a study report that was shared exclusively with Bitcoin.com News, Mineplex Banking said this commodity staking option serves as a zero-fee alternative to traditional loans and gives users the ability to buy products they cannot afford straight away.

Explaining African users’ clear preference for staked crypto, the report suggested that this could be based on changing tastes and preferences.

“The high level of interest by African users in the new financial instrument can be based on the need to change the system of access to consumer goods and their purchases for cryptocurrency for residents of African countries,” notes the report.

To illustrate this point, the report uses South Africa — which according to a report by the Economist suggested 86% of the adult population had borrowed a loan — as an example of a country that typifies this interest in staked crypto. Flexible Terms

It says in addition to getting loans from traditional financial institutions — that have rigid debt repayment regimes — South Africans also borrow from microfinance organizations that operate as online stores and marketplaces. However, unlike banks, these online stores and marketplaces offer consumers flexible payment terms hence their popularity with South Africans.

Similarly, with commodity staking, African users, whom the report says are quicker and more willing to resort to new tools, can buy electronics and gadgets for as little as 10% of their price. According to the report, the remaining amount of funds for the purchase is obtained by staking available capital. The goods are delivered at the end of the staking period. Tags in this story commodity staking, Cryptocurrency, Financial Institutions, MinePlex, Online Marketplace, staked crypto

What are your thoughts about this story? Tell us what you think in the comments section below. Value Locked in Defi Slips 5% in 24 Hours, AMM and Rebase Tokens Take Double-Digit Losses DEFI | 34 mins ago BCH Ecosystem Gains New NFT and Dex Platforms, TVL in Smartbch Defi Climbs 180% in 30 Days DEFI | 2 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleTau-Chain Founder Ohad Asor and Prof. Franconi Explain Logical AI and How to Trade Knowledge Next articleStarting My Journey Into the Metaverse by Throwing Tomatoes at Zuckerberg’s Face Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItMore Regulations Proposed to ‘Streamline’ Mining Sector in Kazakhstan

Authorities need to expand the regulatory framework for cryptocurrency miners, a member of the parliament in Kazakhstan has suggested. The additional rules should streamline their activities and help correct the forming public opinion that they are responsible for the country’s ... read more.Annual Volume of Crypto Transactions Made by Russians Reaches $5 Billion, Bank of Russia Finds Tanzanian Central Bank Preparing for CBDC to Ensure Country Is Not Left Behind Retail Giant Newegg Confirms Shiba Inu "Coming Soon" as AMC Theatres Gets Ready to Accept SHIB Payments Data Shows a Myriad of Crypto Networks Are More Profitable to Mine Than Bitcoin