{"id":12185,"date":"2021-09-16T09:54:04","date_gmt":"2021-09-16T09:54:04","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/africa-has-some-of-the-highest-grassroots-adoptions-in-the-world-chainalysis-crypto-preview\/"},"modified":"2021-09-16T09:54:04","modified_gmt":"2021-09-16T09:54:04","slug":"africa-has-some-of-the-highest-grassroots-adoptions-in-the-world-chainalysis-crypto-preview","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/africa-has-some-of-the-highest-grassroots-adoptions-in-the-world-chainalysis-crypto-preview\/","title":{"rendered":"Africa Has Some of the \u2018Highest Grassroots Adoptions in the World\u2019 \u2014 Chainalysis Crypto Preview"},"content":{"rendered":"

While Africa is seen as one of the smallest cryptocurrency markets, according to a preview of Chainalysis\u2019 Geography of Cryptocurrency annual report, this region has \u201csome of the highest grassroots adoptions in the world.\u201d<\/strong><\/p>\n

African Volumes Mainly Composed of Retail Transfers<\/h2>\n

The crypto adoption observation for Africa is corroborated by the blockchain analysis firm\u2019s latest Global Crypto Adoption Index<\/a>. According to this index, four African countries, namely Kenya, Nigeria, South Africa, and Tanzania, are all in the top 20.<\/p>\n

In addition to being the region with one of the highest grassroots adoption rates, Africa\u2019s cryptocurrency market grew by \u201cover 1200% by value received in the last year.\u201d This market is also reported to have received $105.6 billion worth of cryptocurrency between July 2020 and June 2021.<\/p>\n

As the latest preview<\/a> indicates, Africa has \u201ca bigger share of its overall transaction volume made up of retail-sized transfers than any other region at just over 7%, versus the global average of 5.5%.\u201d<\/p>\n

African P2P Volumes Surging<\/h2>\n

Chainalysis also notes that \u201cP2P platforms are especially popular in Africa compared to other regions.\u201d In fact, the preview acknowledges that \u201cno other region uses P2P platforms at a higher rate than African cryptocurrency users.\u201d<\/p>\n

Cross-region transfers are another metric showing Africa is more active than other markets. The Chainalysis preview explains:<\/p>\n

\u201cCross-region transfers also make up a bigger share of Africa\u2019s cryptocurrency market than any other region at 96% of all transaction volume, versus 78% for all regions combined.\u201d<\/p>\n

<\/p>\n

Concerning the surge in P2P volumes, the Chainalysis team surmises that \u201cmany African cryptocurrency users rely on P2P platforms not just as an on-ramp into cryptocurrency, but also for remittances and even commercial transactions.\u201d The restrictions imposed on cryptocurrencies by some regulators are also believed to be driving the use of P2P platforms.<\/p>\n

In countries like Nigeria, more people are switching to cryptocurrency in order \u201cto preserve their savings amidst harsh economic conditions.\u201d<\/p>\n

Do you agree with Chainalysis\u2019 findings? Tell us what you think in the comments section below. <\/strong><\/em><\/p>\n

Bitcoin News
\nEmerging Markets, Africa, Africa P2P volumes, chainalysis crypto adoption index, Crypto regulation, Cryptocurrency, Nigeria Crypto Adoption, remittances, transaction volumes<\/p>\n","protected":false},"excerpt":{"rendered":"

While Africa is seen as one of the smallest cryptocurrency markets, according to a preview of Chainalysis\u2019 Geography of Cryptocurrency annual report, this region has \u201csome of the highest grassroots adoptions in the world.\u201d African Volumes Mainly Composed of Retail Transfers The crypto adoption observation for Africa is corroborated by the blockchain analysis firm\u2019s latest…<\/p>\n","protected":false},"author":0,"featured_media":12186,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-12185","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12185"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=12185"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/12185\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/12186"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=12185"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=12185"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=12185"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}