In one year, the cryptocurrency market in Nigeria and other African countries grew by 1200% This was revealed in a Chainalysis analysis on Tuesday.
According to the analysis, the African continent has one of the greatest levels of grassroots acceptance in the world, with Kenya, Nigeria, South Africa, and Tanzania placing among the top 20 in its Global Crypto Adoption Index.
As per the report, Africa has the third-fastest expanding cryptocurrency economy, with retail-sized transfers accounting for a larger part of total transaction volume than any other region, at just over 7%, compared to the global average of 5.5 percent.
According to the analysis, Africa has the smallest cryptocurrency economy of any region under consideration, receiving $105.6 billion in bitcoin between July 2020 and June 2021.
It stated that the Peer to Peer platform is more popular in Africa than in other regions, and that many African bitcoin users rely on it for remittances and commercial activities.
It added, “Cross-region transfers also account for a larger share of Africa’s bitcoin market than any other region, accounting for 96% of total transaction volume, versus 78% for all regions combined.” Because of this recent surge, no region uses P2P platforms at a higher rate than African cryptocurrency users, who account for 1.2 percent of total African transaction volume and 2.6 percent of total Bitcoin volume.