Over the past year, Africa has been widely reported as one of the fastest-growing markets for cryptocurrency adoption. Now, there’s an idea of just how fast the market is growing, thanks to a new report from blockchain research and analytics firm Chainalysis.
The African crypto market has grown by over 1,200% in terms of value received over the past year. Chainalysis estimates that African countries collectively received around $105.6 billion worth of cryptocurrency between July 2020 and June 2021. However, Africa is still the smallest crypto economy of all the regions that the research firm studies.
Here, value received, and value sent refer to the dollar value of cryptocurrency received or sent by a party or entity (Africa in this case).