A new report by Consensys, the annual Global Survey on Crypto and Web3, highlights growing global awareness of cryptocurrency, with notable progress in African nations.
Cryptocurrency has particularly practical use cases in Africa, where it is increasingly used for business payments, as a hedge against inflation, and for more frequent, smaller retail-sized transfers.
Joseph Lubin, Co-Founder of Ethereum and Founder and CEO of Consensys, said “Every year, we continue to see positive momentum for the growth and adoption of crypto, blockchain, and web3 — the re-decentralized web.”
“2024 has been a monumental year for crypto for a variety of reasons, which are rapidly converging to move society and the right direction espoused by the web3 ecosystem, towards far greater economic, social, and political agency for all people and communities.”
Insights into Africa’s crypto market
The report reveals that globally, approximately 42% of respondents currently own or have previously purchased cryptocurrencies.
The highest ownership rates were observed in five countries: Nigeria (73%), South Africa (68%), the Philippines (54%), Vietnam (54%), and India (52%).
While Sub-Saharan Africa has made modest contributions to the global cryptocurrency industry, it accounts for the smallest share of the global cryptocurrency economy between July 2023 and June 2024.
Chainalysis reports that Sub-Saharan Africa leads in DeFi adoption, driven by demand for accessible financial services amid low bank account ownership (49% in 2021, per the World Bank).
The region accounts for 2.7% of global transaction volume, reflecting its relatively smaller aggregate GDP compared to other regions.
Despite this, Sub-Saharan Africa showed growth in cryptocurrency usage, receiving an estimated $125 billion in on-chain value during this period—a $7.5 billion increase from 2023, as noted in Chainalysis’s 2024 Geography of Crypto Report.
Other key reports
Consensys highlights a gap in Web3 awareness, as most respondents showed limited knowledge of the concept.
However, Nigeria (61%) and South Africa (48%) had the highest familiarity, while respondents from Japan, South Korea, and Europe were the least familiar.
Nigeria also leads in NFT investment interest, with 93% of respondents indicating plans to invest in NFTs within the next 12 months.
Additionally, crypto awareness is remarkably high, with 99% of Nigerians and 98% of South Africans affirming knowledge of cryptocurrency.
