The report said that Africa was the smallest cryptocurrency economy of any region under review, having received $105.6 billion worth of cryptocurrency between July 2020 and June 2021.
It added that Peer to Peer platform is more prominent in Africa than other regions, and many African cryptocurrency users also rely on P2P platforms for remittances and commercial transactions. It said, “Cross-region transfers also make up a bigger share of Africa’s cryptocurrency market than any other region at 96 per cent of all transaction volume, versus 78 per cent for all regions combined. Thanks in part to this recent growth, no region uses P2P platforms at a higher rate than African cryptocurrency users, as they account for 1.2 per cent of all African transaction volume and 2.6 per cent of all volume for Bitcoin specifically.
It will be interesting to see if the geometrical rise in crypto adoption in nigeria is proportional to the failing naira