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%.
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