Ghana plans to overtake Nigeria and Kenya on crypto adoption

Emerging markets seem to be increasingly leading the way in cryptocurrency adoption. Among other things, this allows Ghana, a country in West Africa, to soon overtake other African countries regarding the use of cryptocurrency.

Crypto Adoption Leader in Africa

The blockchain analytics platform called Chainalysis has a new report published in which researchers found that Ghana has the potential to reach crypto adoption levels comparable to Kenya and Nigeria. These countries rank 11th and 19th respectively in the company’s global crypto adoption index.

The CEO of the P2P Platform called Paxful also agrees. Ray Youssef, its CEO, said that the needs of the local population and the current growth trends in Ghana show that Ghana has the potential to become a leader in crypto adoption in Africa.

Trade volume from Ghana growing rapidly

According to Youssef, the trading volume from Ghana on their P2P exchange has increased by about 400% in the last 2 years. According to him, many Nigerians consider Ghana their home during the summer and educate Ghanaians about Bitcoin (BTC) and other crypto.

Finally, Chainalysis also mentioned that Youssef’s insights match their data on Ghana. The analytics company added that in addition to Ghana, other countries in Sub-Saharan Africa are also expected to have higher levels of crypto use, given that many residents continue to experience issues that crypto could solve for them.

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