A recent report by Consensys, titled the annual Global Survey on Crypto and Web3, sheds light on the increasing global awareness of cryptocurrency, with significant advancements in African countries. Cryptocurrency has found practical applications in Africa, where it is being used for business transactions, as a safeguard against inflation, and for smaller retail transfers.
Joseph Lubin, Co-Founder of Ethereum and CEO of Consensys, expressed optimism about the growth and adoption of crypto, blockchain, and web3 technologies. He emphasized the positive momentum driving society towards greater economic, social, and political empowerment.
The report unveils that 42% of respondents globally either own or have previously purchased cryptocurrencies. Noteworthy ownership rates were observed in Nigeria (73%), South Africa (68%), the Philippines (54%), Vietnam (54%), and India (52%).
Despite its modest contribution to the global cryptocurrency industry, Sub-Saharan Africa leads in DeFi adoption due to the demand for accessible financial services in regions with low bank account ownership. The region accounts for 2.7% of global transaction volume, reflecting its relatively smaller GDP compared to other regions.
Sub-Saharan Africa witnessed growth in cryptocurrency usage, receiving an estimated $125 billion in on-chain value during a specific period, marking a significant increase from previous years.
Furthermore, the report highlights a gap in Web3 awareness among respondents, with Nigeria and South Africa showing the highest familiarity. Nigeria stands out for its interest in NFT investments, with 93% of respondents planning to invest in NFTs within the next 12 months. Crypto awareness remains high in Nigeria and South Africa, with 99% and 98% of respondents, respectively, affirming their knowledge of cryptocurrency.
In conclusion, the report underscores the evolving landscape of cryptocurrency adoption in Africa and the global community, signaling a promising future for decentralized technologies.
