P2P exchange Paxful posted a 300% growth in Kenya over the last year, while in Nigeria, it rose by 57% as adoption of digital coins gained by 1200%, according to Chainalysis.
- Africa now leads in retail-sized crypto transfers, with at least 7% of overall transaction volume, above the 5.5% of the global average.
- Africa’s digital currency uptake has been fueled by the need for faster and cheaper money transfers both locally and abroad. Users are seeking to bypass restrictions in the mainstream banking sector and regulatory curbs to send more money.
- Instabilities of the local currencies is also pushing Africa’s crypto users to the digital assets.
- Users of bigger platforms such as Binance are also shifting to smaller exchanges due to restrictions and bans.
At 1,200% growth over the last year, Africa ranks as the third-fastest growing crypto region in the word.
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