Binance, the world’s leading cryptocurrency exchange, reported growth of over 114% among African users on Binance.com in the first quarter of 2021.

At the same time, the exchange said it saw over 2,000% growth in African users of Binance P2P in the first quarter of 2021, indicating booming crypto adoption across the continent.

Those numbers are pretty impressive when you compare them to the growth statistics for all of 2020.

Here is a comprehensive breakdown of the latest Binance statistics for Africa for the first quarter of 2021 compared to 2020:

• User growth of 114.33% in just four months (Q1 2021) compared to 114.38% for the entire period of 2020
• 96% growth in trading volume in 2020
• 126% growth in Binance.com signups in the first quarter of 2021 compared to 85% in 2020
• Over 350% growth in P2P volume in the first quarter of 2021
• Over 2,000% growth in P2P users in the first quarter of 2021

It looks like P2P is the biggest big-margin winner when it comes to growth in Africa, indicating greater demand for P2P transactions across the continent, especially subject to the strict regulation of cryptocurrencies in most African countries .

Binance released the report in January 2021 Global cryptocurrency user indexthat highlights the motivations, behaviors and preferences of users when adopting cryptocurrencies.

Reasons for using and adopting cryptocurrencies highlighted in the report include:

• Part of a long-term investment (55%)
• Loss of confidence in the current financial system (38%)
• Short-term earning potential (31%)

Interestingly, the report also reveals levels of trust and distrust in both cryptocurrencies and local institutions that:

• 78% of the population believe in cryptocurrencies
• Only 22% of Nigerians trust their local institutions
• Only 22% of Africans trust local organizations

It is clear that the growing trust in cryptocurrencies, coupled with the decreasing trust in local institutions, is one of the main reasons for the adoption of crypto in Africa.

Wei Ran

According to Bitcoinke

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