The Seychelles-based crypto exchange, Bitget, recently released a report indicating a 1,600% surge in the number of African users and an overall user growth of 400%. According to the report, Nigeria ranked second in Chainalysis’ latest crypto adoption index, has emerged as one of its top three markets for crypto usage.

The report, focusing on crypto adoption in Africa, attributes Bitget’s performance in Nigeria to the 300% growth in copy trading popularity over the past 24 months. South Asia had the next-highest user growth rate at 728.53%, followed by Southeast Asia at 216.20%. The Middle East had the lowest user growth rate at 120.75%.

Bitget identified accessible financial systems in inflationary times and the proliferation of mobile technologies as the two major drivers of adoption in Africa. The exchange said its performance in Nigeria exemplifies its journey on the African continent.

“In 2024, Bitget Wallet experienced a surge in African users, contributing significantly to its milestone of surpassing 12 million monthly active users. Bitget Wallet has topped the charts amongst all apps in Nigeria, surpassing Tik-Tok and WhatsApp on Apple’s App Store, currently ranking first in the general and finance category on AppStore in Nigeria, and counting in the top 5 on Android Google Play,” the report revealed.

According to the report, Bitget owes its success in Africa, particularly to the role played by key opinion leaders (KOLs) in spreading educational awareness about its ecosystem. The report also points to the rapid growth of the TON ecosystem as another factor that fueled user growth in Africa.

Meanwhile, to make its P2P platform more appealing, Bitget said it took measures to streamline the exchange’s usability. It also focused on educating users to “allow them to trade and invest in meaningful and productive ways that align with financial realities.”

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