CandleFocus India and Nigeria Lead the World in Crypto Adoption Again, but Indonesia Is Fastest Growing: Chainalysis
2024-09-11
Author: Content Editor
According to Chainalysis' annual global crypto adoption report, India has maintained its top position in terms of grassroots crypto adoption. However, Indonesia has seen the highest year-over-year growth in Central and Southern Asia, with a growth rate of nearly 200%. Indonesia jumped four places to third in the rankings, becoming one of the fastest-growing crypto markets. The report also highlighted that Indonesia's crypto market is driven by trading opportunities and a higher share of decentralized exchange and decentralized finance activity compared to other countries in the region. The United States maintained its fourth position, while Vietnam fell from third to fifth. This report included rankings for 151 countries and considered DeFi activity instead of calculating P2P cryptocurrency exchange trade volumes. The growth of India's crypto ecosystem may be attributed to recent actions that have given more credibility to offshore exchanges.
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