Sub-Saharan Africa now the third-fastest-growing crypto region, Chainalysis

Nigeria led the region with $92.1 billion in value received over the 12-month period, nearly three times that of South Africa.

Nigeria led the region with $92.1 billion in value received over the 12-month period, nearly three times that of South Africa.

Spurred by the unprecedented hack of global exchange Bybit earlier in the year, crypto crime is on par to eclipse recorded volume.

In a joint publication with Chainalysis, KPMG says both banks and crypto firms can benefit from each other's strengths.

The figures are expected to rise much higher and cross the $51 billion threshold as crypto crimes become more sophisticated and professional.

This development confirms the growth in the USDT-dominated stablecoin market in Africa since 2022.

The analytics firm found that illicit transactions are carried out more with stablecoins than any other cryptocurrency.

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Egypt, previously ranked as the fastest growing crypto economy worldwide, dropped out of the top 30, according to Chainalysis’ Geography of Cryptocurrency report for the MENA region.

Sub-Saharan Africa's crypto economy is characterized by retail-driven markets, with Nigeria leading the way, according to Chainalysis.

Overall, Sub-Saharan Africa received $117.1 billion in crypto value between July 2022 and June 2023, according to data from blockchain analytics firm Chainalysis.

Based on the report, revenue is down across all aspects of crypto crime except, ransomware, which is on an upward trajectory like 2021, the year it rose to prominence.

Blockchain analytics firm Chainalyis has published a study that provides insights into crypto crime activities.