Binance, the leading crypto exchange by volume globally, has said it experienced over 114% growth in African users on Binance.com in the first quarter of 2021.
At the same time, the exchange said it has seen over 2,000% growth in African users on Binance P2P in Q1, 2021 revealing the massive crypto adoption taking place across the continent.
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These growth numbers are quite impressive when you consider that the exchange experienced similar growth stats during the entire 2020.
Below is a comprehensive breakdown of the latest Binance stats for Africa in Q1, 2021 vs the year 2020:
- 114.33% user growth experienced in just four months (Q1, 2021) compared to 114.38% over the entire 2020 period
- 96% growth in trading volume in 2020
- 126% growth in Binance.com registrations in Q1, 2021 vs. 85% in year 2020
- Over 350% growth in P2P volumes in Q1, 2021
- Over 2,000% growth in P2P users in Q1, 2021
Looks like P2P was the highest gainer by a large margin when it comes to growth in Africa, signifying a greater demand for P2P transactions on the African continent especially following strict crypto regulation in most African nations.
In January 2021, Binance released the Global Crypto User Index report, which highlighted the user motivations, behaviors, and preferences when it comes to crypto adoption.
Among the reasons highlighted in the report driving crypto use and adoption include:
- Part of a long-term investment (55%)
- A distrust of the current financial system (38%)
- For short-term trading opportunities (31%)
Interestingly, the report also revealed the level of trust and distrust in both crypto and local institutions saying:
- 78% of the general population have confidence in crypto
- Only 22% of Nigerians trust their local institutions
- Only 22% of Africans trust local institutions
It is clear that growing trust in crypto on the backdrop of diminishing trust in local institutions is thus one of the key driving factors for crypto adoption in Africa.
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