India and Ukraine Are Some of the Top-Ranked Countries in Crypto Transactions

A crypto analyst data shows that India and Ukraine are some of the top-ranked countries in crypto transactions.

Chainalysis, the blockchain data platform, said that the global cryptocurrency adoption among individual investors has surged in the past year.

According to Chainalysis, global crypto adoption grew by 881% in the past 12 months. The company uses factors like peer-to-peer exchange trading volume and value received to provide the data.

In addition, Chainalysis highlighted the countries with the largest crypto adoption by retail investors. Vietnam, India, Pakistan, and Ukraine are the top-ranked countries in terms of transactions and individual saving.

Moreover, the firm said in emerging markets, many turn to cryptocurrency to preserve their savings in the face of currency devaluation, send and receive remittances, and carry out business transactions.

Chainalysis said in the report,

Adoption in North America, Western Europe, and Eastern Asia over the last year has been powered largely by institutional investment.

Chainalysis listed 154 countries by three main metrics based on its Global Crypto Adoption Index. The firm said that China and the U.S. dropped in the rankings because peer-to-peer trading volume decreased. However, this year, the U.S. is eighth and China 13th.

To continue, the firm said, Growing transaction volume for centralized services and the explosive growth of DeFi are driving cryptocurrency usage in the developed world and in countries that already had substantial adoption.