Africa’s Cryptocurrency Market Growing by Over 1,200%, The 3rd Fastest Growing,...

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 READING: Togo Leads Africa in Global DeFi Adoption, Says Latest 2021 Chainalysis DeFi Adoption Index

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