- Crypto transactions reached $117b in Africa.
- Solana leads crypto adoption in the continent, encouraging a more crypto-centric future.
After a slow start to crypto adoption and usage, the crypto market in Africa has started to grow, and how!
According to Chain analysis, crypto adoption in Africa has grown to $117.1b by 2023 and will realize a record high of $451M in 2024 alone.
House of Chimera shared these developments on X (formerly Twitter), positing that,
“Higher U.S. interest rates have spurred #crypto adoption in Africa, as economic instability drives many to seek financial alternatives. African crypto transactions reached $117.1B, with #Bitcoin dominant but stablecoins gaining traction”.
Source: X
According to reports, over 6 Million Kenyans, 5 million South Africans and more than 22 million Nigerians who own or use crypto currently.
The number is projected to increase rapidly in the next two years, with young people increasing crypto in the ownership of their assets.
Solana adoption in Africa
While crypto markets are growing in Africa, Solana [SOL] has become the drive of these sustained growths.
According to a post shared on X by CryptoRollerCoaster, Solana is now partnering with a Nigeria-based Crypto farm to increase crypto adoption in Africa. The X page stated that,
“Solana partners with Flincap to drive crypto adoption in Africa, enhancing accessibility and providing scalable blockchain solutions.”
According to the Chief Marketing Officer of Flincap, the cryptocurrency industry is growing faster than thought in Africa.
In the middle of this growth is Solana, which has shown strength and resilience, and the SOL community is shaping the crypto landscape in the continent.
Oladotun Akangbe explained that the crypto industry is growing in Africa because of its ability to withstand various challenges that affect markets.
On his X page, Paul Gedeon shared the recent increased Sol adoption, stating that,
“Solana is making waves in Africa’s crypto market. The strength of its community is driving tech adoption across the continent. Big shoutout to the African Solana community for their resilience and growth”.
What’s driving crypto adoption in Africa?
One of the most notable drivers for crypto adoption in Africa is weak currencies, which are prone to fluctuations and constant devaluations.
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Most crypto users in the continent realized the issue with inflation, thus seeking away to store their money safely without losing value.
Therefore, a huge part of the 1200% surge in crypto adoption in Africa is due to the fact that citizens decide to save in stablecoins.
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