Africa has some of the highest grass roots adoptions in the world-Chainalysis Crypto Preview-Emerging Markets

While Africa is one of the smallest cryptocurrency markets, this region has according to a preview of the annual report Geography of Cryptocurrency of Chainalysis "some of the highest basic assumptions in the world".

African quantities mainly consist of retail transfers

The observation of the crypto adoption for Africa is confirmed by the latest knowledge of the blockchain analysis company global Crypto adoption index . According to this index, there are four African countries, namely Kenya, Nigeria, South Africa and Tanzania, all among the top 20.

Africa's cryptocurrency market is not only the region with one of the highest acceptance rates at the base, but also grew by "over 1200% after the value obtained last year". Between July 2020 and June 2021, this market is also said to have received cryptocurrencies worth $ 105.6 billion.

as the latest preview indicates that Africa "with just over 7 % of its overall transaction volume from excesses Retail has than any other region compared to the global average of 5.5 %”.

P2P volume in Africa increase

chainalysis also notes that "P2P platforms in Africa are particularly popular compared to other regions". In fact, the preview admits that "no other region uses P2P platforms with a higher rate than users of African cryptocurrencies".

national transfers are another key figure that shows that Africa is more active than other markets. The Chainalysis preview explains:

"National transfers, with 96 % of the total transaction volume, also make a larger proportion of the African cryptocurrency market than any other region, compared to 78 % for all regions."

In terms of the increase in the p2p volume, the Chainalysis team suspects that "many African cryptocurrency users rely on P2P platforms, not only as an introduction to cryptocurrency, but also for transactions and even commercial transactions". It is believed that the restrictions that some supervisory authorities imposed on cryptocurrencies are also promoting the use of P2P platforms.

In countries like Nigeria, more and more people are changing to cryptocurrency to "preserve their savings under difficult economic conditions".

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