Reports Provide New Data On Cryptocurrency Adoption And Exchange Activity – Fin Tech

According to a recent report from blockchain analytics firm
Chainalysis, African countries contain “some of the most
well-developed cryptocurrency markets of any region.” Among
other things, the report finds that Nigeria and Kenya see strong
cryptocurrency adoption “when weighted for purchasing power
and population, especially on P2P exchanges”; South Africa
“leads the region in raw transaction volume”; and in
sub-Saharan Africa, retail cryptocurrency transactions make up 95
percent of all transfers.

In a final notable item, a recent report from Forbes said that
“[a] new Forbes analysis of 157 crypto exchanges finds that
51% of the daily bitcoin trading volume being reported is likely
bogus.” Among other things, the report also found that USDT
“continues to be a dominant player in the crypto trading
economy, especially when it comes to trades against bitcoin”;
“21 crypto exchanges generate $1 billion or more in daily
trading activity, while the next 33 exchanges had volume between
$200 million and $999 million”; offshore exchanges make
significant use of stablecoins to “synthetically” create
U.S. dollar liquidity on their platforms because they do not have
access to U.S. bank accounts; and “some of the largest trading
pair activity occurs against fiat currencies like the Japanese yen
and Korean won and against major stablecoins like Binance U.S.
dollar and the USD coin.”

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