Coin World Report:
Cryptocurrency trading reaches $117 billion in Africa. Solana leads the application of cryptocurrency on the African continent and encourages a future centered around cryptocurrency.
After a slow start in the adoption and use of cryptocurrency, the cryptocurrency market in Africa is starting to grow, and boy, is it growing!
According to Chainalysis, cryptocurrency adoption in Africa is projected to reach $117.1 billion by 2023, with a historic high of $45.1 billion in 2024 alone.
Chimera House shared these developments on X (formerly known as Twitter) and noted that, “Higher interest rates in the United States have stimulated the adoption of #cryptocurrency in Africa, as economic instability prompts many to seek financial alternatives. Cryptocurrency trading in Africa reaches $117.1 billion, with #Bitcoin leading the way, but stablecoins are becoming increasingly popular.”
Reportedly, there are currently over 6 million Kenyans, over 5 million South Africans, and over 22 million Nigerians who own or use cryptocurrency.
With the younger generation increasingly embracing cryptocurrency as a form of asset ownership, this number is expected to grow rapidly in the next two years.
Solana’s Adoption in Africa
As the cryptocurrency market continues to grow in Africa, Solana (SOL) has emerged as a driving force behind this sustained growth.
According to a post shared by CryptoRollerCoaster on X, Solana is now collaborating with a crypto farm in Nigeria to increase the application of cryptocurrency in Africa. The X page states, “Solana partners with Flincap to drive cryptocurrency adoption in Africa, enhancing accessibility and providing scalable blockchain solutions.”
The Chief Marketing Officer of Flincap stated that the growth of the cryptocurrency industry in Africa has been faster than imagined.
Solana is right in the middle of this growth, showcasing strength and resilience, and the SOL community is shaping the cryptocurrency landscape on the continent of Africa.
Oladotun Akangbe explained that the development of the cryptocurrency industry in Africa is due to its ability to address various challenges affecting the market.
Paul Gedeon shared the recent increase in Solana adopters on his X page and stated, “Solana is making waves in the African cryptocurrency market. The strength and growth of its community are driving technological adoption across the entire African continent. Kudos to the resilience and growth of the Solana community in Africa.”
What drives the adoption of cryptocurrency in Africa?
One of the most significant driving factors for cryptocurrency adoption in Africa is the weakness of local currencies, which are prone to volatility and continuous devaluation.
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Many cryptocurrency users on the continent of Africa are aware of the issue of inflation and therefore seek to securely store their money without losing its value.
Hence, the cryptocurrency adoption rate in Africa has surged by 1,200%, with a significant portion of it being attributed to citizens opting to save in stablecoins.