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KuCoin: Crypto users in Africa grew by 2,500% in 2021

The adoption of cryptocurrencies in Africa has been a topic of interest in the cryptocurrency community, with many cryptocurrency analytic firms showing different projections and estimates of how much Africans are using these new asset classes.

A positive report by cryptocurrency exchange KuCoin reveals that cryptocurrency transactions increased by over 2,500% in 2021. The report however reveals that the number of crypto transactions in Africa constitutes roughly 2.8% of global volumes.

The report claims that both private and public organizations are increasing their investments in Research and Development (R&D), in order to create the conditions for the adoption of the asset class. It reads, “Local public and private enterprises are increasing their investments in R&D, while creating the necessary bedrock for the establishment of the next generation of information and communication technologies. Most African countries have adopted bold policies aimed at building economies centered around modern technologies, including blockchain and cryptocurrencies.”

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The report claims that Cape Town and Lagos are the powerhouses of the digitalization process in Africa. It reads, “Cairo, Cape Town and Lagos can be considered the engines of the digitization process in the region. Kenya is a separate area of focus in East Africa, with the number of cryptocurrency transactions in Nairobi — its capital — being 64% higher than in the rest of the region.”

Nourou, founder of Bitcoin Senegal, is convinced that the thousand percent growth rates for Bitcoin (BTC) adoption “will continue in coming years.” He states, “Take a look at the way in which cars, mobile phones and consumer electronics took off on the continent. Africa is a continent where lightning-fast progression and adoption is common.”

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The report concluded by stating, “With the proper legislative attention and acceptance of the need for such digital technologies by the authorities, crypto platforms could be an effective steppingstone for the overall growth of Africa’s GDP.”