According to the study, the value of on-chain transactions that were recorded from July 2022 to June 2023 is approximately $117.1 billion.
“The sub-Saharan cryptocurrency market also appears to be more retail oriented than most other regions, with a higher share of transaction volume coming from transactions under $1 million compared to most other regions,” the report said.
Although Sub-Saharan Africa has always been one of the smallest cryptocurrency markets, a closer look reveals that cryptocurrency has penetrated key markets and has become an important part of the daily lives of many residents.
“No country illustrates this better than Nigeria, which ranks second in our global cryptocurrency adoption index and also leads the region in the volume of outstanding transactions,” the report’s authors said.
In September, it was revealed that the Nigerian government was working with regulators and stakeholders to unlock the potential of blockchain technology to improve transparency across industries.
Recently, the CEO of Nigerian financial platform Sumotrust & Truzact said that ending poverty in Africa is critical to the development of the digital asset industry on the continent.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
