Nigeria Crypto Market Increases By Over 1000%

Nigeria Crypto Market Increases By Over 1000%

The cryptocurrency market in Nigeria and other African countries has grown by 1200 percent in one year. This was disclosed in a report by Chainalysis on Tuesday.

According to the report, the African region has one of the highest grassroots adoptions in the world, with Kenya, Nigeria, South Africa, and Tanzania ranking in the top 20 of its Global Crypto Adoption Index.

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The report added that Africa has the third-fastest growing cryptocurrency economy, and a bigger share of its overall transaction volume made up of retail-sized transfers than any other region at just over 7 percent, versus the global average of 5.5 percent.

The report said that Africa was the smallest cryptocurrency economy of any region under review, having received $105.6 billion worth of cryptocurrency between July 2020 and June 2021.

It added that the Peer to Peer platform is more prominent in Africa than in other regions, and many African cryptocurrency users also rely on P2P platforms for remittances and commercial transactions.

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It said, “Cross-region transfers also make up a bigger share of Africa’s cryptocurrency market than any other region at 96 percent of all transaction volume, versus 78 percent for all regions combined. Thanks in part to this recent growth, no region uses P2P platforms at a higher rate than African cryptocurrency users, as they account for 1.2 percent of all African transaction volume and 2.6 percent of all volume for Bitcoin specifically.

Nigeria Crypto Market Increases By Over 1000%