Kenyans lead in buying crypto using Peer-to-Peer (P2P) Crypto trading —a decentralized platform whereby two individuals interact directly with each other, without intermediation by a third party—, a new report shows.
According to Chainalysis, Kenya is ranked the top country in the world in terms of P2P exchange trade, well ahead of the other 154 countries surveyed, Africa as a continent also tops the list.
Other African countries in the list include Togo, the first runners-up, Tanzania which is fourth, and Ghana at number 10.
Nigeria and South Africa, some of the biggest adopters of crypto in Africa were ranked 18th and 62nd respectively.
The report had used an index that accounted for the purchasing power parity of the country’s currency while also putting the Internet penetration of the country into consideration.
Kenya and Nigeria are also at positions 1 and 2 in Africa respectively and are ranked 5th and 6th globally in terms of overall adoption of cryptocurrencies by country.
“Many emerging markets face significant currency devaluation, driving residents to buy cryptocurrency on P2P platforms in order to preserve their savings,” the report states.
In Kenya, the shilling has depreciated by 6.3 percent against the US dollar since January, according to Central Bank of Kenya data.
Apart from the falling value of their national currency, another reason for the growth is tied to the faster and cheaper way cryptocurrencies allow for remittances back home.