African crypto communities on Telegram have grown by 189% since early 2023, according to a recent October 2024 report.
The study, which examined crypto-related Telegram activity across regions from January 2023 to August 2024, shows that Africa’s crypto-focused Telegram groups have grown to over 3 million users. This surge is largely fueled by a young demographic, with more than 56% of the population under 25.
“The African region demonstrated the highest growth rates in both the number of crypto-themed groups and their users. This growth can be attributed to the relatively low penetration of cryptocurrency-related topics in the region, the presence of an untapped market, and the strong motivation among African residents to utilize cryptocurrencies for savings and wealth accumulation.
“The leading factors for crypto adoption are economic instability, limited access to banking services, the large number of tech-savvy youth, and the active advancement of innovation in digital finance,” the report states.
The report predicts that the cryptocurrency market in Africa will reach 54 million users by 2025, with Nigeria and South Africa taking the lead in terms of users.
Currently, Nigeria dominates crypto adoption in the region having been ranked 2nd in the world behind India in the latest Chainalysis 2024 Crypto Adoption Index.
🇳🇬REPORT | #Nigeria Ranked 2nd Globally in #DeFi and the Only African Country in Top 20 by Chainalysis 2024 Crypto Adoption Index
“When we look at year-over-year growth in terms of types of services, we see that DeFi activity increased significantly in Sub-Saharan Africa, Latin… pic.twitter.com/foXhFCjaM1
— BitKE (@BitcoinKE) September 13, 2024
The Telegram app has become a key platform for expanding crypto adoption with many crypto communities forming groups on the app for their communication and information needs. The groups are also used for marketing and advertising purposes.
Telegram has also emerged as a major blockchain/crypto ecosystem in its own right, as demonstrated by the increased usage of the TON blockchain ecosystem across Africa, especially in Nigeria.
The platform, which recently reached nearly 1 billion users worldwide, has witnessed an explosion in games such as NotCoin on the Telegram blockchain TON. Users typically earn rewards and points by tapping to play on the Telegram app.
MILESTONE | The NotCoin $NOT Token Launches on TON Blockchain, User Base Now Accounts for 0.4% of the Global Population
This large player base enabled Notcoin to attract ‘hundreds’ of Web3 organizations to advertise through the game’s ‘earn’ mechanics, according to the team.… pic.twitter.com/SopuiOEYOc
— BitKE (@BitcoinKE) May 17, 2024
Consequently, the TON blockchain and its applications are seeing increased adoption in Africa. For instance, TonKeeper, the most common wallet on the TON ecosystem experienced rapid growth in the 1st quarter of 2024.
According to CEO Oleg Andreev, the wallet has 1,300,000 active users in Nigeria, with an impressive 900,000 new users joining in May 2024 alone.
🇳🇬MILESTONE | Leading TON Blockchain Wallet, TonKeeper, Draws Over 1.3 Million Users in Nigeria, with 900K Joining in May 2024 Alone
TonKeeper, listed as the top wallet on TON App, a directory of all apps available in the TON ecosystem, has seen rapid growth in Nigeria,… pic.twitter.com/dto49U2g7k
— BitKE (@BitcoinKE) July 11, 2024
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