Africa’s Cryptocurrency Market Growing by Over 1,200%, The 3rd Fastest Growing, Says 2021 Chainalysis Global Crypto Adoption Index

Africa is one of the most dynamic and exciting crypto markets and one of the fastest growing globally with over 1,200% growth rate between June 2020 - June 2021.

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Africa is one of the most dynamic and exciting crypto markets and one of the fastest growing globally with over 1,200% growth rate between June 2020 – June 2021.

While Africa accounts for the smallest crypto economy of any region globally, the continent happens to have some of the highest grassroots adoption in the world led by:

  • Kenya
  • Nigeria
  • South Africa
  • Tanzania

Africa is also the third-fastest growing cryptocurrency economy with the bigger share of transaction volumes coming from retail-sized transfers, the largest of any region at just over 7%. The global average for retail transfers is 5.5%.

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SEE ALSO: 17 Out of the Top 20 Markets in Global Crypto Adoption are in Emerging Markets – Kenya Tops in Africa – Says Latest 2021 Chainalysis Index

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Below is a highlight of the report:

  • Africa has the smallest crypto economy globally – $105.5B received between June 2020 – June 2021
  • Africa is the third-fastest growing cryptocurrency market
  • Africa makes up the largest retail-sized crypto transfers at over 7% – Global average is 5.5%
  • Smaller retail transfer sizes sugget higher grassroots adoption amongst everyday users
  • Africa makes up the biggest share of cross-region transfers at 96% of all transaction volumes – Other regions make up 78% combined
  • P2P platforms account for 1.2% of all African transaction volumes
  • P2P platforms account for 2.6% of all volume for bitcoin specifically in Africa
  • About half of all remittances to Sub-Saharan Africa goes to Africa signifying the high crypto remittance volumes in the country
  • Many African users rely on crypto for international commercial transactions due to capital controls
  • Many Africans are also turning to crypto to preserve their savings due to inflation and currency devaluations
  • The rate of P2P activity in Africa is bigger since most informal trading occurs on WhatsApp and Telegram
  • Paxful alone has seen over 57% growth in Niger and over 300% in Kenya during this period

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RECOMMENDED READINGTogo Leads Africa in Global DeFi Adoption, Says Latest 2021 Chainalysis DeFi Adoption Index

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