Africa Is Leading the Way in Solana Adoption with $117 Billion in Transactions. Here’s Why
Contributor
- African crypto transactions hit $117 billion.
- Solana is spearheading crypto adoption on the continent, paving the way for a more crypto-centric future.
After a slow start in crypto adoption and usage, the crypto market in Africa has started to grow, and how!
According to Chainalysis, crypto adoption in Africa has grown to $117.1 billion by 2023 and is projected to reach a record $451 million in 2024 alone.
House of Chimera shared these developments on X (formerly Twitter), noting that
“Higher US interest rates have boosted #crypto adoption in Africa as economic instability drives many to seek financial alternatives. African crypto transactions reached $117.1 billion, with #Bitcoin dominating but stablecoins gaining ground.”
Source: X
Over 6 million Kenyans, 5 million South Africans, and more than 22 million Nigerians reportedly currently own or use cryptocurrencies.
This number is expected to grow rapidly over the next two years as more young people include cryptocurrencies in their assets.
As crypto markets grow in Africa, Solana [SOL] has become the driving force of this continued growth.
According to a post shared by CryptoRollerCoaster on X, Solana is now partnering with a Nigeria-based crypto farm to increase crypto adoption in Africa. The X page states:
“Solana is partnering with Flincap to drive crypto adoption in Africa, increase accessibility and provide scalable blockchain solutions.”
According to Flincap’s Chief Marketing Officer, the cryptocurrency industry in Africa is growing faster than anyone thought.
At the center of this growth is Solana, which has shown strength and resilience, and the SOL community is shaping the crypto landscape on the continent.
Oladotun Akangbe stated that the crypto industry in Africa is growing because of its ability to withstand various challenges affecting the markets.
On his X-page, Paul Gedeon reported on the recent increase in Sol adoption, stating:
“Solana is making waves in the African crypto market. The strength of its community is driving technology adoption across the continent. Kudos to the African Solana community for its resilience and growth.”
What is driving crypto adoption in Africa?
One of the key drivers of crypto adoption in Africa is weak currencies that are prone to fluctuations and constant devaluations.
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Most crypto users on the continent have realized the inflation problem and are therefore looking for a way to keep their money safe without losing value.
Therefore, a large part of the 1200% increase in crypto adoption in Africa is due to citizens choosing to save in stablecoins.
