Report: Bitcoin Adoption In Africa Grows 1,200% In One Year


Bitcoin adoption in Africa has skyrocketed over the past year, growing over 1,200%, according to a report by Chainalysis. The increased activity in the region has been fueled by retail investors, who resort to bitcoin every day for savings, remittances, and peer-to-peer (P2P) trading.

Artur Schaback, COO and co-founder of P2P exchange Paxful, told Chainalysis that his platform had seen stark growth in African countries, notably 57% in Nigeria and over 300% in Kenya, over the last year. In fact, Africa has the largest volume of P2P bitcoin trading in the world, as citizens often face banking restrictions to centralized bitcoin on-ramps.



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