A new Consensys report ranks Nigeria and South Africa among the top countries globally for cryptocurrency ownership with 73% and 68% ownership rates respectively. Practical use cases for cryptocurrency in Africa, such as inflation hedging, business payments, and small retail transactions, are driving adoption on the continent. The Consensys report aligns with another report by Chainalysis, which revealed that sub-Saharan Africa leads in DeFi adoption across the globe primarily because of low traditional bank account ownership. Despite Africa’s growing adoption of crypto, the continent yet accounts for only 2.7% of global transaction volumes, reflecting its smaller economic scale. Nevertheless, the region saw significant growth in cryptocurrency usage, receiving $125 billion in on-chain value between July 2023 and June 2024. Beyond this, the Consensys report revealed that crypto awareness is nearly universal in Nigeria and South Africa with 99% and 98% reporting familiarity with the concept.
SOURCE:Â BUSINESS INSIDER
