India, Nigeria, and Indonesia top the report released from the highly anticipated 2024 Geography of Cryptocurrency Report by Chainalysis. The three countries are undergoing a massive surge in cryptocurrency activity.
Details From The Released Report
The released report by Blockchain data analytics firm, Chainalysis, is the fifth to ever be engaged in. It ranked 151 countries for which sufficient data existed between Q3 2021 to Q2 2024.
Chainalysis explained that the rankings are weighted by factors like purchasing power and population size, stating: “We rank all 151 countries for which we have sufficient data.”
However, in the just-released report, there was a change in approach; this time there was more focus on DeFi activity and exclusion in calculating P2P cryptocurrency exchange trade volumes. This new approach had the purpose of providing a more precise picture of the ever-changing crypto landscape.
Ranking of Global Adoption
Nigeria
According to the report, concerning grassroots crypto adoption, India, Indonesia, and Nigeria are topping the charts. You can think of grassroots crypto adoption as the embrace of crypto by normal, everyday people. In essence, it is not instigated by the government or financial institutions. Rather, individuals, everyday people, and low-scale businesses are leading the movement.
The regulators in Nigeria have made significant moves towards adoption by licensing two crypto exchange platforms. Adoption in Nigeria can be attributed to the recent crypto regulations and approval-in-principle crypto license issued to digital assets providers.
Moreover, the adoption rate can also be attributed to TON chain mini-app games, which saw an increased activity from Nigerians. Notcoin and Tapswap recorded high user activity from Nigeria with tonkeeper—a popular TON chain wallet recording 1.3M active onchain users from Nigeria in July.
Fastest Growing
Regardless of this, Indonesia’s growth remains the fastest, having jumped four places to the third since the year 2023. Within the Central & Southern Asia and Oceania (CSAO) regions, the country has amassed the highest year-over-year growth at nearly 200%, as well as an utmost value received, at approximately $157.1 billion.
The report attributed Indonesia’s crypto market growth to trading opportunities via alternative investment opportunities such as meme coins to make quick profits and a “higher share of both decentralized exchange (DEX) and decentralized finance (DeFi) activity than those of other countries in the region, as well as the global average.”
The report also showed that amongst the first 20 countries topping the list, about seven came from the Central & Southern Asia and Oceania (CSAO) Region. The USA was recorded to have held fast to its fourth position from the previous year, whilst Vietnam dropped from third to fifth.
Final Thoughts
From released reports like this, one can see the picture of how countries across the world are rapidly adopting and embracing cryptocurrency, each of them playing a crucial role in the advancement of digital currencies globally.
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