Africa’s digital-asset market has expanded over 1,200% by value over the last year, making it the third-fastest growing cryptocurrency economy in the world.
- Kenya, Nigeria, South Africa, and Tanzania were among the top 20 of the 2021 Global Crypto Adoption Index. Chainanalysis stated that Africa also has a bigger share of its overall transaction volume, consisting of retail-size transfers than any other region.
- Peer to peer platforms (P2P) including Paxful and Remitano that do not have a central player like a bank or exchange, have become more popular than ever across Africa, as a way of sending crypto.
- Users have moved away from exchanges like Binance in support of this alternative way of moving funds. Binance has been banned and blocked in several countries around the world.
- South Africa issued a warning to the exchange in September and stated that it was not authorized to operate in the country.
P2P platforms are popular in Africa compared to other regions and many African cryptocurrency users depend on P2P platforms for remittances and even commercial transactions.
BTC USD down -0.53%, BNB USD down -1.42%Source: Markets Insider.