Crypto users in Africa grew by 2,500% in 2021: report
Cryptocurrency adoption in Africa is on the march, despite socioeconomic factors and headwinds. A positive report by cryptocurrency exchange KuCoin shows that crypto transactions increased by up to 2,670% in 2022.
An astonishing growth trend, the steep influx relates to the low values that have been observed during previous periods. The number of crypto transactions in Africa constitutes roughly 2.8% of global volumes.
Johnny Lyu, CEO of KuCoin, told Cointelegraph that “the adoption of digital assets in Africa will continue to grow exponentially,” adding that “African countries have the highest crypto adoption rate in the world, outperforming even the biggest regions, such as the United States, Europe and Asia.”
Nourou the founder of Bitcoin Senegal, is convinced that the thousand percent growth rates for Bitcoin (BTC) adoption “will continue in coming years.”
In particular, the report cites that “more than 88.5% of cryptocurrency transactions made by Africans are cross-border transfers.” Low fees mean that “users pay less than 0.01% of the overall amount of the transaction transferred in cryptocurrencies.”
From high inflation levels and swelling smartphone penetration –effectively allowing anyone to become their own bank, Africa also has a young, digitally native population that is accustomed to digital currencies. Africa is a robust testing ground for the problems which cryptocurrencies attempt to solve.
Lyu did caveat add a note of caution to the staggering growth levels:
In Central and West Africa, for example, BTC adoption is growing against a backdrop of mistrust and discomfort using the local currency, the CFA. Cointelegraph has previously analyzed the state of crypto adoption in Africa, noting that “economic
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