Nigeria and South Africa Lead Global Crypto Ownership Rankings
A new report from Consensys ranks Nigeria and South Africa as the countries with the highest cryptocurrency ownership in the world, with ownership rates of 73% and 68% respectively. Practical use cases for cryptocurrencies in Africa, such as inflation hedging, business payments, and small retail transactions, are driving adoption on the continent. The Consensys report is in line with another report from Chainaanalysis, which showed that sub-Saharan Africa leads global DeFi adoption, mainly due to lower ownership of traditional bank accounts. Despite the growing adoption of cryptocurrencies in Africa, the continent accounts for only 2.7% of global transaction volumes, reflecting the smaller size of its economy. Nonetheless, cryptocurrency usage in the region has grown significantly, with on-chain value reaching $125 billion between July 2023 and June 2024. Beyond this, the Consensys report shows that crypto awareness is almost universal in Nigeria and South Africa, with 99% and 98% respectively reporting familiarity with the concept.
source: business insider
