Africa’s crypto market has grown by more than 1,200% since 2020: Chainalysis

Digital analytics firm Chainalysis reported that the cryptocurrency market in Africa has grown significantly since last year in addition to the region having a larger share of overall retail transaction volume compared to the global average.

In a report released on Tuesday, Chainalysis said Africa’s crypto market increased in value by more than 1,200% between July 2020 and June 2021, with high adoption in Kenya, South Africa, Nigeria and Tanzania. The company added that the popularity of P2P platforms could have been one of the driving factors toward greater crypto adoption in the region, given some countries have restricted or banned residents from sending money to exchanges through local banks.

According to Chainalysis, the entire continent received $105.6 billion worth of crypto between July 2020 and June 2021. Yet, it had a share of the market’s overall transaction volume made up of “retail-sized transfers” larger than any other region in the world — roughly 7% as opposed to the 5.5% global average. In addition, P2P platforms — including Paxful and LocalBitcoins — account for 1.2% of all crypto transactions in Africa.

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