Africa’s Crypto market has seen the highest growth via adoption in the past year.
A reports from Chainalysis reveals that Africa recorded 1,200% growth since June last year.
These rises are influenced by the need for cheaper remittances, the rise of peer-to-peer trading, and savings needs.
$105.6 billion worth of crypto received by Africa in one year
So, Africa received a whopping amount of $105.6 billion worth of digital currencies and this is beyond just the volume, Chainalysis reports.
Furthermore, Africa’s crypto market has the most dynamic space with five countries from the region joining the top 20 of the Global Crypto Adoption Index.
Meanwhile, One of the major influencers of these adoption is also the prevalence of retail crypto holders and traders.
Additionally, Reports shows that the region has 7% share of the market being retail and small-sized payments. Of course, This is notably higher than the global average at 5.5%.
Peer-to-Peer Platforms, Livesaver for Africa’s Crypto Market
Reports reveals that Africa’s crypto market thrives due to the peer-to-peer platforms.
Additionally, No region makes use of the P2P platforms more, with Kenya leading the world chart in P2P volume.
Meanwhile, This adoption of P2P platform was a response to the ban on financial institutions in countries like Kenya and Nigeria against digital currency platforms.
“In many of these frontier markets, people can’t send money from their bank accounts to a centralized exchange, so they rely on P2P,”
Artur Schaback, the COO and co-founder of the popular Paxful P2P platform, explains in a interview with Chainalysis.