A brand new Consensys report ranks Nigeria and South Africa among the many prime nations globally for cryptocurrency possession with 73% and 68% possession charges respectively. Sensible use circumstances for cryptocurrency in Africa, similar to inflation hedging, enterprise funds, and small retail transactions, are driving adoption on the continent. The Consensys report aligns with one other report by Chainalysis, which revealed that sub-Saharan Africa leads in DeFi adoption throughout the globe primarily due to low conventional checking account possession. Regardless of Africa’s rising adoption of crypto, the continent but accounts for under 2.7% of world transaction volumes, reflecting its smaller financial scale. Nonetheless, the area noticed vital progress in cryptocurrency utilization, receiving $125 billion in on-chain worth between July 2023 and June 2024. Past this, the Consensys report revealed that crypto consciousness is sort of common in Nigeria and South Africa with 99% and 98% reporting familiarity with the idea.
SOURCE: BUSINESS INSIDER
