Nigeria, the largest source of Bitcoin (BTC) trading volume in Africa, is apparently one of the world’s fastest growing markets for cryptosystems, according to a new report.
According to a new study by leading crypto wallet Blockchain.com, Nigeria has seen the largest influx of activity in its wallet application since April 2020.
Nigeria shows increased interest in Bitcoin worldwide
Released on August 5, the report says Nigeria has been the best performer on its platform in the last three months. The report notes a 60 percent increase in the use of Blockchain.com’s web wallet in the region since April.
Nigeria becomes the eighth African nation to open Bitcoin ATMs
In the study, Blockchain.com also noted that Nigeria has been the top country to search for Bitcoin on Google. According to Google Trends data, Nigeria has led in terms of Bitcoin interest in the last 90 days to date. The country is followed by a couple of other regions in Africa, as well as Switzerland and Austria.
Top five countries by Bitcoin searches on Google worldwide
While Nigeria is the country with the best performance in Blockchain.com in recent months, Peru has been the most active in the course of July. According to the data, Peru, India and Indonesia are the three main countries according to the level of influence of the total wallet transactions during that month.
Other regions with this trend include Ivory Coast, Japan, Philippines, Venezuela, Bangladesh and Bulgaria, the report says.
Top performing countries on Blockchain.com in July over June
The use and trade of crypto currencies is increasing in Africa, says the CEO of an exchange
This news is in line with recent reports on the general increase in the use of cryptomonies and trade in Africa. As reported by The News Spy on July 23, an executive from the Nigeria-based exchange, Yellow Card, described a rapid increase in the adoption of crypto currencies in the region. „In terms of the crypto scene and everything, things are growing very rapidly, really across the continent, but specifically in Nigeria, South Africa, Ghana and Kenya,“ said the company’s CEO, Chris Mauric.
In April 2020, Nigeria became the eighth country in Africa to host a Bitcoin ATM despite apparent legal uncertainty in the region.