Crypto Users in Africa Grow 2500% Within a Year, Stunning New Report Reveals

• Crypto users in Africa went up by 2500% in 2021, according to a stunning report that was recently released by crypto exchange, KuCoin

• The report also revealed that crypto transactions in Africa constitute 2.8% of the volume globally

• The KuCoin report also highlighted Lagos and Cape Town as the engines of the digitization process in Africa

There has been a lot of talk about the adoption of cryptocurrency in Africa with many analytics firms releasing data that estimate the growth rate of crypto users in Africa.

Another report which was recently released by KuCoin cryptocurrency exchange has revealed that cryptocurrency transactions in Africa have surged by about 2,500% in 2021.

Despite this drastic growth, Africa remains lagging behind the rest of the world, with its transactions constituting only about 2.8% of global volumes.

According to the report, private and public organizations increasing their investments in Research and Development has been instrumental for the adoption of the class assets.

Another eye-opening statistic in the report is that monthly transactions across African countries have grown 1,386.7% in the time under review.

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It also revealed that the average amount per transaction has decreased, which indicates that more people are using cryptocurrency for smaller payments as opposed to large transfers alone.

The report claims that Cape Town and Lagos are the powerhouses of the digitization process in Africa, meaning that a high concentration of users resides in these areas.

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