- Crypto transactions reached $117b in Africa.
- Solana leads crypto adoption in the continent, encouraging a more crypto-centric future.
As a researcher with a background in finance and economics, I find the recent developments in cryptocurrency adoption in Africa truly fascinating. The continent has seen a remarkable surge in crypto transactions, reaching an astounding $117.1 billion by 2023. This growth is driven primarily by economic instability and the search for financial alternatives, especially as traditional currencies continue to experience devaluation and inflation.
The crypto market in Africa has experienced remarkable growth after a sluggish beginning.
Based on Chainalysis’ findings, the cryptocurrency market in Africa is estimated to have reached $117.1 billion by the end of 2023. This figure is expected to see significant growth and hit a new peak of approximately $451 million in 2024 alone.
House of Chimera shared these developments on X (formerly Twitter), positing that,
US interest rate hikes have fueled a surge in cryptocurrency usage in Africa due to economic uncertainty. As a result, people are turning to digital currencies as viable financial options. The value of crypto transactions in Africa reached an impressive $117.1 billion last year, with Bitcoin leading the charge but stablecoins also making significant strides.
Based on available data, approximately 6 million Kenyans, 5 million South Africans, and over 22 million Nigerians now utilize or possess cryptocurrencies.
In the next two years, it is anticipated that the number will grow significantly, with a large portion being young individuals gaining crypto as part of their personal wealth.
Solana adoption in Africa
In the burgeoning cryptocurrency scene across Africa, it is Solana (SOL) that is fueling this continuous expansion.
Based on a recent post on X by CryptoRollerCoaster, it has been announced that Solana is teaming up with a Nigerian cryptocurrency farm to boost crypto usage in Africa. According to the information on X, this collaboration was disclosed in the post.
“Solana collaborates with Flincap to promote the use of cryptocurrency in Africa, improving availability and offering sustainable blockchain technologies.”
As a researcher studying the cryptocurrency market, I’ve discovered that the growth rate in Africa surpasses initial expectations, according to the Chief Marketing Officer at Flincap.
As a researcher studying the cryptocurrency market in Africa, I’ve observed that Solana has proven to be a robust and resilient player in the midst of growth within this landscape. The vibrant Solana (SOL) community is significantly contributing to shaping the contours of crypto adoption and innovation on the continent.
One possible paraphrase for “Oladotun Akangbe pointed out that the cryptocurrency sector is thriving in Africa due to its resilience against market obstacles” or “According to Oladotun Akangbe, the crypto industry’s robustness enables it to flourish in Africa despite market setbacks.”
On his X page, Paul Gedeon shared the recent increased Sol adoption, stating that,
As a researcher studying the crypto market in Africa, I’ve noticed an exciting development: Solana is making significant strides. The robustness of its community is fueling technological adoption throughout the continent at an impressive rate. Kudos to the dedicated African Solana community for their unyielding spirit and tenacity in driving this growth.
What’s driving crypto adoption in Africa?
In Africa, one significant factor fueling the use of cryptocurrencies is the prevalence of unstable currencies that frequently experience fluctuations and depreciation.
Crypto users across the continent came to recognize the problem of inflation and looked for methods to safeguard their wealth effectively, avoiding value loss.
A significant portion of the remarkable 1200% increase in cryptocurrency usage in Africa can be attributed to people opting to save with stablecoins.
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2024-07-09 02:47