By about 1200%.. The rise in the digital asset market in...

The digital asset market in Africa has grown by about 1,200% in value over the past year, with efforts to transfer funds in a cheaper and faster way.

And the data company, Chainalysis, announced in a report that the countries of Kenya, Nigeria, South Africa and Tanzania were among the top twenty countries in the 2021 Global Crypto Adoption Index.

Peer-to-peer platforms such as Paxful and Remitano are becoming more popular than ever across Africa as a way to send cryptocurrency.

Remittances across regions of the continent account for 96% of the cryptocurrency market in Africa, with citizens preferring to send remittances via cryptocurrency; Because of the high cost of sending money abroad.

The report noted that cryptocurrency adoption is also linked to instability in local currencies such as the Nigerian naira.

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