According to a report by crypto exchange KuCoin, crypto users in Africa are up 2,670% in 2021.
The African continent is seeing a rise in the adoption of cryptos that is far greater than other areas such as Europe, Asia or the United States. A recent report prepared by KuCoin shows that one of the most dynamic areas in crypto is Africa!
Crypto is a cheaper way to send money abroad
KuCoin is a well-known crypto-exchange. The platform has just published a report that shows that crypto users in Africa have increased by 2,670% in 2021! In other words, this means that the number of people using crypto in Africa has increased by 25 times in the space of a year!
While at the moment, Africa represents only 2.8% in terms of global crypto volumes, the growth of crypto users on the continent is incredible. For Johnny Lyu, CEO of KuCoin, the African continent has the “highest crypto adoption rate in the world, surpassing that of the regions of Europe, the United States or even Asia.”
Look at the way cars, cell phones and consumer electronics have taken off on the continent. Africa is a continent where ultra-fast progression and adoption is commonplace. Nourou, creator of Bitcoin Senegal
If we try to characterize in detail the crypto transactions in Africa, we find that the very large share (about 88.5%) are international transfers. Indeed, with its low fees, crypto becomes a cheaper way to send money abroad compared to traditional players such as Western Union, etc. Moreover, the population in Africa is very young and familiar with new technologies, which makes it an ideal breeding ground for cryptos.
Thus, for the CEO of the exchange KuCoin as for many, Africa has everything to become tomorrow a stronghold for cryptos. For this to happen, however, it will be necessary for the massive adoption not to be blocked by coercive regulations and repressive local decisions.
This growth rate may depend on both local policymakers and the positions of separate officials on cryptocurrencies. Yet, I believe that a bright future for digital money in Africa is inevitable. The financial problems facing the region are forcing people to seek out new instruments and technologies that can give them some of the economic freedom they currently lack. Johnny Lyu, CEO of crypto exchange KuCoin