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A recent research released by Recap, a global financial research organisation shows that among the 50 top cities leading in crypto adoption, 6 African cities made the list. Among these African cities, two are Nigeria’s cities; Lagos and Ibadan which topped other African cities on the table. 

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Lagos was 14 on the list while Ibadan took the 24th position. Other African countries that made the list includes: South Africa’s Cape Town (30) and Angola’s Luanda (38). Also South Africa’s  Pretoria and Johannesburg made 42 and 46 position respectively. 

Recap expert researchers have examined eight key data points determining crypto-readiness of the most populated cities around the world.

This includes:

  • Quality of life score
  • Crypto-specific events
  • People working in crypto-related jobs
  • Crypto companies
  • R&D spend as a percentage of GDP
  • Number of crypto ATMs
  • Capital gains tax rate
  • Ownership of crypto in each country.

While the UK’s capital leads the race as the biggest crypto-hub in the world, the study found that only 11% of people in England own/use crypto, compared to 45% of people in Nigeria, which came in 14th place.

Dubai comes in second place as it pushes to become the leading centre for cryptocurrency and blockchain technology in the Middle East, following a year of multiple new laws for crypto exchanges to operate in the city. One recent YouGov survey also found that two-thirds of UAE adults are interested in cryptocurrency.

Also Read: Nigeria To Achieve 100% Crypto Adoption Rate By 2030.

For this study, the researchers found the 200 most populated cities in the world, and compared these against eight relevant index points to find the most crypto-ready city in the world. The data points included:

  • Quality of life score: Taken from Numbeo
  • Crypto-specific events: A crypto-specific event is an event on Eventbrite matching the keyword “Crypto”.
  • People working in crypto-related jobs: A crypto worker is a LinkedIn member who is in a job role matching the keywords “Crypto” “Blockchain” “Web3” “Bitcoin” or “NFT”.
  • Crypto-specific companies in each city: A crypto-specific company is a company on LinkedIn matching the key word “Crypto”.
  • R&D spend as a percentage of GDP
  • Number of crypto ATMs: Taken from Coin ATM Radar
  • Capital gains tax rate in each country.
  • Ownership of crypto in each country.

Once the data had been collected, an index score was given to each city in each data set, depending on the crypto-readiness desirability of the result. E.g. The cities with higher tax ranked last and received a lower score out of 100; whereas the number of crypto companies is desirable, so cities with the highest amount ranked on top with a higher score. The cumulative percentages for each city were totaled and ranked out of 800, with the highest index figure being most crypto-ready, and vice versa.

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