Over the 12 months of 2021, the average monthly number of crypto transactions in Africa increased by 1386.7%. These statistics were shared by KuCoin analysts with the publication Cointelegraph.
In total, the number of users increased by 2467.2%. The average volume of a single transaction has decreased, which is explained by the use of digital assets for small payments.
KuCoin CEO Johnny Liu calculated that the continent’s share in value terms is still 2.8%.
“Adoption will continue to grow exponentially,” the top manager predicted.
This area is being developed by cross-border payments, which account for almost nine out of ten crypto transactions. Digital assets in many cases allow you to transfer funds instantly with a commission of less than 0.01% of the amount.
Also among the reasons for the popularization are high inflation, low availability of banking services, the growing penetration of smartphones and a young population ready to master innovations. The positions of politicians and regulators can act as deterrents.
“Financial problems are forcing people to look for new tools and technologies that can give them the economic freedom they lack,” explained the CEO of KuCoin.
Recall that back in 2019, the former head of Twitter Jack Dorsey declaredthat Africa will determine the future of bitcoin.