Nigeria Surpasses Kenya To Retake The Top Spot In Africa For Cryptocurrency Adoption.

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Nigeria has reclaimed the top spot in Africa for crypto adoption, now coming in at #11 globally with an adoption score of 0.521. With an adoption score of 0. 397, Kenya, which was first in Africa last year, is ranked #19.

The research evaluates countries by focusing on five primary indices, including on-chain currency value received at centralized exchanges, weighted by purchasing power parity (PPP) per capita, on-chain retail value received at centralized exchanges, weighted by PPP per capita, peer-to-peer (P2P) exchange trading volume, weighted by PPP per capita and number of internet users, on-chain cryptocurrency value received from DeFi protocols, weighted by PPP per capita.

Nigeria ranked #18 in terms of centralized service value received, retail service value received; P2P exchange transaction volume, DeFi value received, and #18 overall. There was no information on the on-chain retail value obtain via DeFi protocols.

Kenya, on the other hand, is at #5 in P2P exchange transaction volume, #9 in DeFi value received; #43 in retail centralized service value received, and #43 in centralized service value received.


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