Disrupt Africa’s latest survey report reveals preservation of dominance by Nigeria in the African region with regard to crypto even though since the past year, Nigeria’s crypto industry is under immense Governmental pressure. The report also revealed that since January 2021 to date there has been a mushroom growth of crypto trading platforms in the African region. In 2019, there were 491 new firms, and this year, till June, there are 576 new crypto trading platforms.
Africa is one of the most populated continents of the world currently. It has presently 16% of the entire world’s population living there. Most important, when it comes to crypto adoption, the African continent is not far behind other continents. Especially, the continent’s country, Nigeria is the top country in Africa where crypto adoption is huge and continuously growing rapidly. Even this country alone is enough for taking down many developed countries of the world in terms of crypto usage.
However, in the past few months, there are problems originated from the Nigerian Government concerning crypto. The Bank of Nigeria has been used to jeopardize the growth of the crypto economy in Nigeria against the will of the Nigerian crypto enthusiasts. Even in these circumstances, a survey was made throughout Africa for judging the scope of crypto. The survey was duly conducted by an African entity known as Disrupt Africa which independently carried out the survey.
It was revealed in the survey that even in the presence of unfavorable circumstances of crypto, Nigeria successfully maintains its dominance. Nigeria is still the largest growing crypto economy in the continent of Africa. There has been a mushroom growth of crypto startups and trading platforms all over the place in the country.
The survey shows that three countries of the African region hold phenomenal crypto growth. These countries include Nigeria, which is leading from the front, South Africa and Kenya which are in second and third places.
Results of the survey further revealed that there were 576 new crypto exchanges emerging in the continent. However, the majority of these new crypto trading platforms were established in Nigeria, South Africa, and Kenya.
From 2019 till June 2021, almost 391 firms were established amongst the three top African crypto countries. At least 154 firms were reportedly developed in South Africa alone. While Nigeria got to see the establishment of 144 new exchanges during this time. Similarly, the rest of the 93 crypto startups were able to make their way into Kenya.
Given the circumstances that the African economy is not very promising and that pandemic was there, the results are extraordinary. However, the reason for crypto startups’ growth in the region is also related to the eruption of the Covid-19 pandemic. The huge resurgence of crypto startups during the time of pandemic also took place greatly amongst these three countries of Africa.