Report: Number of African Cryptocurrency Users up by Nearly 2,500%
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Loading... - Piers Howard
- 22 Mar 2022
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Widespread Adoption of Cryptocurrencies
According to a new report by crypto exchange Kucoin, the number of cryptocurrency users in Africa grew by nearly 2,500% between January 2021 and January 2022. During the same period, the average number of monthly transactions also went up by almost 1,400%, the report added.
Although the African continent’s cryptocurrency transactions are said to constitute 2.8% of global volumes, the observed decrease in the average amount per transaction — according to Kucoin’s report — suggests there are more small payments or transfers now than there were in the corresponding period last year.
As explained in a report which was shared with Bitcoin.com News, the observed growth in the use of cryptocurrencies by African users may be due to the continent’s growing knack for embracing new technologies. The report points to Cairo, Cape Town, and Lagos as the main cities powering the digitization process on the continent. In Nairobi, Kenya’s capital, the number of cryptocurrency transactions are 64% higher than in the rest of the region, the report said.
The Kucoin report also suggests that the growth in the continent’s number of crypto users is linked to factors such as inflation or exchange rate fluctuations. However, it also states that even in countries where the inflation rate is lower, knowledgeable Africans still prefer to protect their savings with cryptocurrencies.
Educating the Masses
The other factor cited as contributing to the surge in the number of cryptocurrency users in Africa is the ongoing campaign to educate the masses about emerging financial technologies. Such educational campaigns are undertaken by independent advocates. Cryptocurrency exchanges like Kucoin are increasingly becoming involved in efforts to educate the masses. Read More…
