Chainalysis
October 2, 2024
Chainalysis Unicorn News - October 02, 2024
Chainalysis has ranked Nigeria as the second-largest adopter of cryptocurrency worldwide. The report emphasizes the significant use of stablecoins and decentralized finance platforms in Sub-Saharan Africa, highlighting their role in enhancing financial inclusion and addressing economic challenges.
() Introduction
() Chainalysis Ranks Nigeria as Second Largest in Global Crypto Adoption
Nigeria has been ranked as the second-largest adopter of cryptocurrency globally, according to a report by Chainalysis. This ranking highlights Nigeria's growing reliance on digital assets for everyday transactions, remittances, and business payments. The report underscores the significant role of stablecoins and decentralized finance (DeFi) platforms in promoting financial inclusion across Sub-Saharan Africa. Stablecoins, which account for 43% of the region's total cryptocurrency transactions, are increasingly used to mitigate local currency volatility and address foreign exchange shortages.
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