Africa Crypto Week in Review: The crypto Africa scene is booming in stablecoins, and Nigeria’s crypto is among the leaders. Meanwhile, this week, Bitget is setting up in the Kenya crypto market—let’s dig in!
Stablecoins represent approximately 40% of continent-wide trades, and Nigeria has become second globally in crypto adoption. Meanwhile, Bitget is opening a new office in Kenya. For crypto fans, CryptoFest 2024 is just days away. The event will be held in Cape Town.
Stablecoin Pairs Now 43% Of Trades In Africa
A report from Chainalysis indicates that Stablecoins now denominate approximately 43% of crypto trades in Sub-Saharan Africa. Stablecoins are cryptocurrencies whose values are pegged to stable currencies like the USD or GBP. Traders use stablecoins to manage the volatility typical in crypto trading.
The two largest stablecoins are USDT and USDC. These stablecoins have become very important to global crypto trading and now play a vital role in boosting crypto adoption in Africa.
Nigeria’s Crypto Adoption Soars
In the 12 months between July 2023 and July 2024, Nigeria’s value in traded crypto rose to $59 million. This figure saw Nigeria rise to second globally in the Chainalysis Global adoption index. Most of these transactions were small, which shows impressive use in retail and professional transactions.
Nigeria has the perfect storm for crypto adoption. It is a country with a robust informal economy and millions abroad who need efficient remittance channels to send money back home. Accordingly, the crypto adoption rates will likely remain high for the foreseeable future.
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Bitget Eyes Kenya Crypto Market
Bitget, a global crypto exchange, is eyeing the Kenyan market and expanding across Africa. Earlier this week, the exchange opened a new office in Nairobi, the country’s capital.
Bitget aims to offer a safe and reliable platform while also driving digital finance solutions not only to the local market but across Africa. Their goal will be to create an avenue through which users can diversify their investments using crypto assets.
The exchange also plans to offer crypto education and local support so that users can confidently navigate the complexities of the global crypto market.
All Eyes On CryptoFest 2024
It is October, and CryptoFest 2024 is finally here.
This blockbuster crypto festival in South Africa will kick off on October 10 in Cape Town. It brings together leading figures in the Web3 space to connect innovators, entrepreneurs, and other stakeholders in the blockchain scene.
The main event will take place in the DHL stadium in Cape Town, followed by several smaller events around the city during the three-day bonanza. This festival will allow industry leaders to network and elevate Africa’s importance in the global crypto scene.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
