Telegram communities boost crypto interest in Africa

Projections suggest Africa’s crypto market could reach 54 million users by 2025, with Nigeria and South Africa leading.

Criminal networks in Southeast Asia are increasingly using Telegram to trade hacked data and malware on a large scale, a UN report reveals.

Africa is experiencing a remarkable surge in cryptocurrency adoption, with Telegram-based communities expanding by an astounding 189% since early 2023, according to research from cryptocurrency exchange Bitget. This shift highlights a significant migration of digital asset interest from traditional Western markets to emerging economies. The study found that Africa’s crypto-focused Telegram groups now boast over 3 million users, primarily driven by a young demographic, with over 56% of users aged under 25.

Factors contributing to this growth include economic instability, limited access to banking services, and the tech-savvy nature of the youth. In addition to Africa, Eastern Europe, particularly Ukraine, is seeing a rise in cryptocurrency usage amid economic challenges. In contrast, Western Europe is growing more slowly due to regulatory constraints and market maturity, with Telegram groups seeing only an 11% increase during the study period.

The research indicates that mobile technology plays a crucial role in this trend, with Telegram becoming the primary platform for crypto communities in emerging markets. Projections suggest Africa’s crypto market could reach 54 million users by 2025, with Nigeria and South Africa leading the way. However, while Telegram fosters trading communities, it also hosts a concerning number of scams, underscoring the need for caution among users navigating this rapidly evolving landscape.