Chainalysis says Africa’s crypto market has grown over 1,200% since 2020 

According to Chainalysis, a world-renowned digital analytics agency, Africa’s cryptocurrency market has been experiencing steady growth since last year. In fact, the continent had a bigger share of total crypto retail transaction quantity compared with the rest of the world. 

The agency also reported that Africa’s crypto market has jumped more than 1,200% between July 2020 and June 2021. Nigeria, Kenya, Tanzania, and South Africa had the largest adoption rate in the continent. 

Chainalysis said that one of the biggest factors that pushed crypto adoption in Africa is its recognition of the P2P platform’s efficiency and convenience. 

Consistent crypto progress

The report also revealed that Africa has obtained $105.6 billion worth of crypto between July 2020 and June 2021. 

“Crypto products are getting more user friendly, so they can onboard more people into the crypto economy and help them see that crypto is faster, cheaper, and more convenient,” Paxful Co-founder and Chief Operating Officer Artur Schaback said. 

Many analysts also predict that crypto adoption might further increase in Africa as more and more citizens want to bypass the governments’ limitation on the amount that can be remitted abroad. 

Also, Africans may also find even more use on cryptocurrencies, particularly as a cheaper means of paying for industrial transactions in various parts of the world. They may also hodl cryptos to protect themselves from the fluctuating prices of their fiat currencies. 

Nigeria’s crypto venture

Nigeria isn’t left behind in digital currency innovation and has already realized its massive benefits for its economy. As a result, it has immediately invested in developing its own central bank digital currency, called ”eNaira”, and is now ready to put it in a pilot test, which will start October 1. 

There is also a high possibility that South Africa will collaborate with Singapore, Malaysia, and Australia in launching fiat-pegged digital foreign exchange in the future. 

Image courtesy of Cointelegraph News/YouTube

Source: https://bitcoinerx.com/blockchain/chainalysis-says-africas-crypto-market-has-grown-over-1200-since-2020/