Crypto transaction volumes in Africa have grown by 2600%

22.03.2022 14:46 (Updated 13.07.2022 16:07)
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by Artem Ustinov
1 min read

Analysts at the KuCoin cryptocurrency exchange reported that the use of cryptocurrencies on the African continent has increased significantly – transaction volumes in some countries increased by 2,670% in 2022.

Crypto exchange experts call low trading volumes in 2020-2021 the main reason for the surge in trading activity. As of March 22, only 2.8% of total cryptocurrency transactions originate from Africa.

For the most part, Africans use cryptocurrencies for cross-border payments. Approximately 88.5% of all transactions in the region are for transfers abroad.

Chainalysis noted that between 2020 and 2021, total crypto trading volumes in Africa were $106 billion. Since July 2021, this figure has increased by 1,200%.

Author

  • Crypto analyst and practitioner trader with the law and managerial education. Active investor and crypto enthusiast. Worked as an analyst and copywriter in a brokerage company. Accompanied by DAO and NFT projects of different levels of complexity.

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