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.
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Recent research shows that more than 80% of African users participated in the commodity staking programme since it was introduced on the Mineplex marketplace. This number is significantly higher than that of Asian (23%), European (14%) or American (9%) users who found commodity staking fascinating.
Mineplex Banking shared a report exclusively with Bitcoin.com News that noted this commodity staking alternative as a free option to traditional loans. It allows users to purchase products they can’t afford immediately.
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.
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. These online marketplaces and stores offer flexible payment terms, which is why they are so popular with South Africans.
The report also states that commodity staking allows Africans to purchase gadgets and electronics for as low as 10%. The report states that the remainder of the funds can be obtained through staking capital. After the period of staking, goods are shipped.
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