Global cryptocurrency adoption: India and Nigeria take the top two spots, while Indonesia records the fastest growth.
India continues to hold the top position in global cryptocurrency adoption for 2024, according to analytics firm Chainalysis. Indonesia has emerged as the fastest-growing market, registering an annual growth of nearly 200% in Central and Southern Asia.
India and Nigeria maintain leading positions
The latest report released by Chainalysis highlights that India and Nigeria have maintained their leading positions in global cryptocurrency adoption. Indonesia has made progress, moving up four places to secure third place. The country recorded the highest value of cryptocurrencies received, approximately $157.1 billion.
The United States remains in fourth place, while Vietnam has dropped from third to fifth. Seven of the top 20 countries in the rankings come from the CSAO region, which includes Central and Southern Asia and Oceania. Cryptocurrency activity in the CSAO region has been driven by centralized exchanges, indicating growth in professional and institutional activity.
Singapore: increasing adoption as a payment method
An interesting aspect of Singapore’s market is the growing adoption of cryptocurrencies as a payment method. Last March, the multi-service app Grab began accepting top-ups to its digital wallet through cryptocurrencies like Bitcoin, Ethereum, Tether, and Circle USD.
In the second quarter of 2024, merchant payment services in Singapore received nearly $1 billion in cryptocurrencies, a record compared to the past two years.
