African’s continue to embrace Cryptocurrencies
According to a Chainalysis report, Africa’s crypto market has grown by 1,200% since June 2020.
It received digital currency worth $105.6 billion. However, Chainalysis says that it extends beyond volume.
Africa also has the most active market, with five nations in the top 20 of the Global Crypto Adoption Index.
According to Chainalysis, the region has a 7% share of the crypto industry is retail and small-sized payments, which is greater than the worldwide average of 5.5%.
Furthermore, peer-to-peer networks provide a lifeline for the Bitcoin industry in Africa. According to the New York-based blockchain analytics firm, no other region uses P2P networks more than Africa.
The resistance of banks in the nations like Kenya has aided in its rise.