Nigeria, South Africa Rank High On Crypto Ownership

12 December 2024
The Herald (Harare)

A new report by Consensys, the annual Global Survey on Crypto and Web3, highlights growing global awareness of cryptocurrency, with notable progress in African nations.

Cryptocurrency has particularly practical use cases in Africa, where it is increasingly used for business payments, as a hedge against inflation, and for more frequent, smaller retail-sized transfers.

Joseph Lubin, Co-Founder of Ethereum and Founder and CEO of Consensys, said "Every year, we continue to see positive momentum for the growth and adoption of crypto, blockchain, and web3 -- the re-decentralised web."

"2024 has been a monumental year for crypto for a variety of reasons, which are rapidly converging to move society and the right direction espoused by the web3 ecosystem, towards far greater economic, social, and political agency for all people and communities."

The report reveals that globally, approximately 42 percent of respondents currently own or have previously purchased cryptocurrencies.

The highest ownership rates were observed in five countries: Nigeria (73 percent), South Africa (68 percent), the Philippines (54 percent), Vietnam (54 percent), and India (52 percent).

Globally, 42 percent of respondents currently own or have previously purchased cryptocurrencies. While Sub-Saharan Africa has made modest contributions to the global cryptocurrency industry, it accounts for the smallest share of the global cryptocurrency economy between July 2023 and June 2024. - Business Insider Africa

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