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Nigeria, South Africa Among Top Countries for Crypto Ownership

Nigeria, South Africa Among Top Countries for Crypto Ownership

A new report by Consensys, the annual Global Survey on Crypto and Web3, shows a rise in global awareness of cryptocurrency, with significant progress observed in African nations.

In Africa, cryptocurrency is gaining practical applications, being used more frequently for business transactions, as a safeguard against inflation, and for smaller, more frequent retail transfers.

Joseph Lubin, Co-Founder of Ethereum and Founder/CEO of Consensys, stated, “Each year, we see continued growth and adoption of crypto, blockchain, and Web3  the re-decentralized web.” He added that “2024 has been a key year for crypto, driven by several factors converging to push society towards greater economic, social, and political empowerment, in line with the ideals of the Web3 ecosystem.”

ALSO READ: Zimbabwe Government Vows to Rebuild Local Industries

According to the report, about 42 percent of global respondents have either purchased or currently own cryptocurrencies. The highest ownership rates were recorded in five countries: Nigeria (73 percent), South Africa (68 percent), the Philippines (54 percent), Vietnam (54 percent), and India (52 percent).

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While Sub-Saharan Africa has contributed modestly to the global crypto market, the region remains the smallest contributor to the global cryptocurrency economy between July 2023 and June 2024.

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