edwinCryptocurrency adoption in Africa grew 1200% between July 2020 and June 2021, making it the fastest adoption rate in the world. However, in terms of overall values traded, the continent is still playing catch-up to other regions.
Markets like Kenya, Nigeria, South Africa, and Tanzania had some of the highest grass-roots adoptions in the world and ranked in the top 20 Global Crypto Adoption Index.
Digital analytics firm Chainalysis’ latest figures show transactions volume made up of retail-sized transfers in Africa was seven percent, against the global average of 5.5%.
Cryptocurrency adoption in Africa grew 1200% between July 2020 and June 2021, making it the fastest adoption rate in the world. However, in terms of overall values traded, the continent is still playing catch-up to other regions.
Africa amassed $105.6bn worth of cryptocurrencies in forecasts for the year ending June 2021, driven by peer-to-peer (P2P) transactions in key growth markets.
Markets like Kenya, Nigeria, South Africa, and Tanzania had some of the highest grass-roots adoptions in the world and ranked in the top 20 Global Crypto Adoption Index.
Digital analytics firm Chainalysis’ latest figures show transactions volume made up of retail-sized transfers in Africa was seven percent, against the global average of 5.5%
“No region uses P2P platforms at a higher rate than African cryptocurrency users, as they account for 1.2% of all African transaction volume and 2.6% of all volume for Bitcoin specifically,” reads the report in part.
Trading volumes for several African currencies have especially grown on LocalBitcoins and Paxful, the world’s biggest P2P platforms by transaction volume since 2016.