Africa’s crypto market has grown by more than 1,200% since 2020: Chainalysis
Digital analytics firm Chainalysis reported that the cryptocurrency market in Africa has grown significantly since last year in addition to the region having a larger share of overall retail transaction volume compared to the global average.
In a report released on Sept. 14, Chainalysis said Africa’s crypto market has increased in value by more than 1,200% between July 2020 and June 2021, with high adoption in Kenya, South Africa, Nigeria, and Tanzania. The company said the popularity of P2P platforms could have been one of the driving factors towards greater adoption of crypto in the region, given some countries have restricted or banned residents from sending money to exchanges through local banks.
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