Skip to content
Herald Sheets

Herald Sheets

Live Cryptocurrency News

Follow Herald Sheets on Twitter, Facebook, Telegram, Please Read Our Disclaimer

  • Homepage
  • Start Trading
  • Guide
  • Crypto News
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Ripple (XRP)
    • Dogecoin (DOGE)
    • Cardano (ADA)
    • Litecoin (LTC)
  • Analysis
  • Blockchain
  • Mining
  • Reviews
    • Brokers
    • Exchanges
  • Regulation
  • Press Release
  • About Us
    • Contact Us
    • Privacy Policy
    • Editorial Policy
    • Submit Press Release
  • Disclaimer
  • Crypto Mining
  • Crypto Trading
  • Cryptocurrency
  • News
  • Regulation

New Report Reveals Crypto Market in Africa Grows By 1200%

Alicia Maher September 18, 2021 2 min read

Since the past year, Africa has been measuring up in crypto adoption. The latest report released by on-chain analytics firm, Chainalysis confirms this assertion. According to the report, the continent has witnessed a surge in the volume of crypto-related transactions between mid-2020 and June 2021. The report put the growth percentage at 12%.


trade now

The same report reveals significant crypto adoption in African nations. Among these nations, Nigeria seems to be the vanguard after an unprecedented surge in crypto transactions in the second quarter of the year. 

Chainalysis’ report shows that the increase in Africa’s crypto transaction volume is attributable to the uptrend in peer-to-peer transactions, the decline in remittances received by local banks and the need to save in cryptocurrencies as a resort to evade the prevalent inflationary situation in some nations within the region.

Africa Facilitates Over $100 Billion Worth of Crypto Transactions

Africa’s cumulative volume dwarfs the average global volume, the report noted. Explaining in detail, Chainalysis estimated that Africa boasts over $100 billion in crypto transactions. The continent is said to have facilitated that huge volume between mid-2020 and Q3, 2021.  Beating expectations, transactions executed by retail traders and investors exceed those performed by other retail traders globally- approximately 7% for Africa in contrast with 5.5% for other parts of the world where crypto adoption is becoming widespread.

P2P platforms in Africa have now proliferated leading to huge transaction volumes on their end as well. Since most local banks across the continent have deactivated direct transfers to crypto exchanges or platforms, several traders have shifted their attention to P2P transactions. 

Meanwhile, P2P crypto businesses like Paxful and Localbitcoins accounted for 1.2% of all crypto transactions across the continent. On this basis, Paxful CEO, Artur Schaback revealed that given that people can no longer send money to exchanges, P2P is more like a last resort for them. Schaback added that the user-friendly nature of crypto products is spearheading adoption in the region. 

Crypto Remittances Contribute to Transaction Volume

As already noted, the transition to crypto remittances has been a catalyst for the increasing volume. Several Africans now prefer remitting with Bitcoin and other cryptocurrencies due to the limits around transfers, especially from within Africa to overseas. Interestingly, this formed the basis of the crypto ban introduced in Nigeria earlier this year. 

The apex bank- the Central Bank of Nigeria- in the country had alleged that foreign remittances into the country reduced owing to crypto alternatives. Thus, the ban was introduced. Unknown to authorities at the bank, this became a driver for further crypto adoption in the country, as people began to realize the benefits of digital currencies. 

To fight the adoption rate, the CBN started making plans for a central bank digital currency just like the central banks in most nations. According to CBN, the e-Naira will be unveiled by October.  It has already partnered with a foreign company named Bitt Inc. for the piloting of the e-Naira. 

Trade Now

Continue Reading

Previous: Cardano Still Consolidates – Will Fundamentals Support Breakout?
Next: Kyrgyzstan Uncovers Over 500 Illegal Mining Facilities

Related Stories

Metaverse Real Estate Sells For A Record $5,000,000 inside TCG World
3 min read
  • Metaverse
  • News
  • Press Release

Metaverse Real Estate Sells For A Record $5,000,000 inside TCG World

May 26, 2022
UST And LUNA Trading Volumes Soar As Terra 2.0 Airdrop Draws Closer
2 min read
  • Altcoins
  • Crypto Trading
  • Cryptocurrency
  • News
  • Terra (LUNA)

UST And LUNA Trading Volumes Soar As Terra 2.0 Airdrop Draws Closer

May 26, 2022
26 May Crypto Prices: SOL, DOT, ETH, AVAX Lose Up to 5%
2 min read
  • Altcoins
  • Avalanche (AVAX)
  • Bitcoin (BTC)
  • Cryptocurrency
  • Decentralized Cryptocurrency Exchange (DEX)
  • Ethereum (ETH)
  • News
  • Polkadot (DOT)
  • Price Analysis
  • Solana (SOL)

26 May Crypto Prices: SOL, DOT, ETH, AVAX Lose Up to 5%

May 26, 2022

Top 10 Crypto

Name Price24H (%)
bitcoin
Bitcoin (BTC)
$28,851.00
-1.43%
ethereum
Ethereum (ETH)
$1,771.89
-4.38%
tether
Tether (USDT)
$1.00
0.20%
usd-coin
USD Coin (USDC)
$1.00
-0.14%
binancecoin
BNB (BNB)
$302.24
-3.29%
ripple
XRP (XRP)
$0.388813
-1.28%
Binance USD
Binance USD (BUSD)
$0.99
-0.86%
cardano
Cardano (ADA)
$0.466342
-4.79%
polkadot
Polkadot (DOT)
$9.57
1.93%
dogecoin
Dogecoin (DOGE)
$0.078102
-2.14%

Recent Posts

  • Metaverse Real Estate Sells For A Record $5,000,000 inside TCG World
  • UST And LUNA Trading Volumes Soar As Terra 2.0 Airdrop Draws Closer
  • 26 May Crypto Prices: SOL, DOT, ETH, AVAX Lose Up to 5%
  • ETH Gas Fee Hits Lowest Levels Since July 2021; Ethereum On Accumulation Phase
  • CharterPrime Review – Is CharterPrime Scam or a Proper Broker?
  • Do Kwon Intends To Make Terra Classic By Forking LUNA Blockchain
  • Grayscale Is Planning On Listing Its First European Exchange Traded Fund
  • Celsius Is Planning On Taking Its Crypto Mining Business Public
  • Terra Team May Not Redeem Promised Refunds, Especially For Smallholders – Whistleblower
  • Coinbase Adds BNB Chain And Avalanche To Token Swap Service
  • Richardson Lewis Review – Is Richardson Lewis Scam or a Proper Broker?
  • PancakeSwap Guide 2022 – Everything You Need To Know About This DEX
  • Polkadot-based Smart Contract, T3rn Deploys Latest Testnet
  • Uruguayan Authorities Launch Campaign Against Crypto Scams
  • GameStop Announces The Launch Of A Crypto Wallet

Disclaimer

This website may have financial affiliations with some (not all) of the brands and companies mentioned on this website. Information found on Herald Sheets represents those of writers quoted. It does not represent the opinions of Herald Sheets on whether to buy, sell, or hold any investment assets. Investors must do their own research before investing their money and only do so at their own risk.

Categories

You may have missed

Metaverse Real Estate Sells For A Record $5,000,000 inside TCG World
3 min read
  • Metaverse
  • News
  • Press Release

Metaverse Real Estate Sells For A Record $5,000,000 inside TCG World

May 26, 2022
UST And LUNA Trading Volumes Soar As Terra 2.0 Airdrop Draws Closer
2 min read
  • Altcoins
  • Crypto Trading
  • Cryptocurrency
  • News
  • Terra (LUNA)

UST And LUNA Trading Volumes Soar As Terra 2.0 Airdrop Draws Closer

May 26, 2022
26 May Crypto Prices: SOL, DOT, ETH, AVAX Lose Up to 5%
2 min read
  • Altcoins
  • Avalanche (AVAX)
  • Bitcoin (BTC)
  • Cryptocurrency
  • Decentralized Cryptocurrency Exchange (DEX)
  • Ethereum (ETH)
  • News
  • Polkadot (DOT)
  • Price Analysis
  • Solana (SOL)

26 May Crypto Prices: SOL, DOT, ETH, AVAX Lose Up to 5%

May 26, 2022
ETH Gas Fee Hits Lowest Levels Since July 2021; Ethereum On Accumulation Phase
2 min read
  • Blockchain
  • Cryptocurrency
  • Ethereum (ETH)
  • News
  • Price Analysis

ETH Gas Fee Hits Lowest Levels Since July 2021; Ethereum On Accumulation Phase

May 25, 2022
Copyright © All rights reserved. | DarkNews by AF themes.
  • RelevantRelevant(REL)$0.825.35%
  • TadpoleTadpole(TAD)$7.32-1.74%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184213-2.11%
  • SakeTokenSakeToken(SAKE)$0.0127135.28%
  • WTF TokenWTF Token(WTF)$0.0113500.17%
  • BNSD FinanceBNSD Finance(BNSD)$0.005461-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%