Crypto Is Quietly Thriving in Sub-Saharan Africa: Chainalysis Report

Small retail payments in Sub-Saharan Africa are powering exceptional crypto adoption and usage, with the region conducting the world's highest proportion (80%) of crypto retail payments of less than $1,000, according to a report by blockchain data firm Chainalysis. From a report: The report also highlights how peer-to-peer transactions are more common in Sub-Saharan Africa than anywhere else in the world. At about 6% of all crypto transaction volume, Africa's peer-to-peer transactions dwarf those of Central and Southern Asia and Oceania, the region with the second-highest volumes in that category. Many Africans have integrated crypto into everyday life, the report says. Besides retail transactions, remittances and commercial transactions have also been key drivers for Africa's high adoption and usage rates. 'Crypto usage is driven by everyday necessity, as opposed to speculation by the already well-off... especially in countries where the values of local fiat currencies are dropping, as we've seen in Nigeria and Kenya,' the report states.

Read more of this story at Slashdot.