Nigeria leads other African countries in crypto adoption – Report




Nigeria has taken the lead in terms of crypto adoption in Africa, pushing former leader, Kenya to second place with an adoption score of 0.521 as against Kenya’s 0.397

According to the new Chainalysis crypto adoption report, both nations have improved significantly in their adoption score with Nigeria gaining 100.39 per cent, from a 0.26 index score in 2021 and Kenya, gaining 41.79 per cent, from an index score of 0.28 in 2021.

At global ranking, Nigeria now ranks 11th and Kenya now ranks 19th. Taking second place is Morocco, which ranks 14th, with an index score of 0.507.

The report mentioned that its report did not rank the countries in question-based on raw cryptocurrency transaction volume, which would give a straightforward view of where the most cryptocurrency activity is happening.

It also mentions, “While institutional activity is important to that, we also want to highlight the countries where individual, non-professional investors are embracing digital assets the most.”

Looking deeper into the compositions that make up the overall rankings and index score, Nigeria ranks 18th  in centralized service value received ranking, 18th in retail centralized service value received ranking, 17th in P2P exchange trade volume ranking and 20th in DeFi value received ranking.

Kenya on the other hand ranks 43rd in centralized service value received ranking, 43rd in retail centralized service value received ranking, 5th  in P2P exchange trade volume ranking and 9th in DeFi value received ranking.

Kenya had Nigeria beat when it comes to P2P exchange trade volume ranking and DeFi value received ranking. This means in terms of P2P transactions, Kenya leads Africa. However, Kenya falls significantly short when it comes to centralized service value received and retail centralized service value received.

A shocking entry into the list is Morocco, which did not rank among the top 20 in 2021. The country now ranks the second largest in Africa when it comes to cryptocurrency adoption in Africa and ranks 14th.

Diving deeper, the country ranks 19th in centralized service value received ranking, 19th in retail centralized service value received ranking, 21st in P2P exchange trade volume ranking and 33rd in DeFi value received ranking.

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