Africa’s grassroot crypto adoption growing fast
It seems like nothing can stop crypto adoption in Africa now.
It still has the smallest crypto economy, but it grows very fast. A recent report by Chainalysis shows a 1200% yearly volume growth, with retail transfers’ share higher than the world average.
This means that the grassroot adoption is thriving, and P2P exchanges can very well witness it: Paxful volume grew 57% in Nigeria and 300% in Kenya in a year. Also, a lot of crypto transfers are being arranged over the counter via Telegram and Whatsapp chats, even if the volume of such informal trading is almost impossible to measure.
While national currencies are weak and Central Banks often set transfer limits, Africans use crypto for international commercial transaction, remittances and hedging against fast-growing inflation.
In Chainalysis’ 2021 Global Cryptoadoption Index 5 African countries were in the top 20: Kenya, Nigeria, Togo, Ghana and Tanzania. This might be only the beginning.
