Crypto Users in Africa Grew by 25 Times in 2021

Cryptocurrency has become actively used for small payments. 

According to the analytical report by KuCoin, the monthly volume of crypto transactions grew by 1386.7% in 2021. The total number of active cryptocurrency users increased by 2467.2% over the year. At the same time, the average transaction size decreased. This is due to the use of cryptocurrencies for small payments, experts say. 

“Adoption will continue to grow exponentially,” predicted the further development of the cryptocurrency market in Africa KuCoin CEO Johnny Lyu. Currently, the main growth driver is cross-border payments, they account for more than 88.5% of all transactions. 

Africa’s share of the total cryptocurrency market is 2.8%. One of the growth drivers in the future may be more mass access to the Internet. By the end of 2021, only 45% of adults have smartphones, of which only 33% have stable access to the Internet.

Author: Mark Wallerstein