VICTORIA, Seychelles, June 16, 2022–(BUSINESS WIRE)–KuCoin, the global cryptocurrency exchange, has released the report Into The Cryptoverse that analyzes investor behavior and cryptocurrency adoption rates in South Africa.
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Into the Cryptoverse Report South Africa 2022 (Graphic: Business Wire)
South Africa is currently the most advanced country on the African continent in financial terms, which makes its economic environment conducive to the development of new technologies. According to the survey, 7.6 million South Africans, making up about 22% of the country’s adult population aged 18-60, are cryptocurrency investors, who currently own cryptocurrency or have traded cryptocurrency in the last six months. Roughly 65% of cryptocurrency investors surveyed responded that they see cryptocurrency as the future of finance. A large percentage of users seem to prefer lower-risk products, such as digital assets, as a means of saving for stable returns.
Social media remains the primary source of crypto-related information for South Africans. Influencers and other media personalities that average people can identify with are the main thought leaders in promoting cryptocurrencies, establishing both trust and rapport with users. The Into The Cryptoverse report revealed that 72% of respondents rely on social media for information about the decentralized market. “Social media is the most powerful channel that introduces people to new things and allows them to build networks. Now, it increases people’s hope and trust in cryptocurrencies.” according to Matlala Caroline Rathabeng, a Twitter influencer in South Africa.
The report’s findings also shed light on the general attitude of South Africans towards cryptocurrencies, highlighting their trust in cryptocurrencies in money-related matters. Many of the respondents prefer cryptocurrencies to banks, largely due to the higher returns in the cryptocurrency market, which exceed bank interest rates.
The demographics of South African crypto investors are skewed towards the male and younger generations. Men make up 60% of crypto investors, and 42% of crypto investors are between the ages of 18 and 30. The report’s findings well illustrate the unequal distribution of wealth in the country, with 22% of cryptocurrency investors earning less than $5,000 a year. year, while 16% earn more than $50,000 during the same period.
Another indicative factor is the experience in the crypto market. Of the crypto investors surveyed, 22% have less than three months of crypto investment experience, while 24% have been trading crypto for more than two years.
Despite local regulations and laws, South African crypto investors remain positive as cryptocurrencies are proving capable of improving people’s financial situation. Such adoption is having a favorable impact on the local crypto market in general, weeding out fraudulent individuals and players.
The low percentage of employment in Africa is spurring people to look for alternative ways to earn money and cryptocurrency investments are one of them, as the report Into The Cryptoverse reveals. The migration of Africans from other countries to South Africa in the hope of improving their financial and social status is also driving the adoption of cryptocurrencies. “South Africa plays an important role on the African continent. Many Africans have moved to South Africa in the hope of getting a better life or putting food on their families’ tables. Due to the low employment rate in Africa now, people is looking for alternative ways to earn money, and crypto investing is one of them.” according to Thamsanqa Emmanuel, a Twitter influencer in South Africa.
The findings of the KuCoin Into The Cryptoverse report underscore the importance of cryptocurrencies in the broader African financial climate as a means of socially empowering people. The ample opportunities for personal development in South Africa and the progressive attitude of the local young generation are also contributing to the rapid adoption of digital currencies as an alternative to fiat money. Check out the full report on the KuCoin blog.
Launched in September 2017, KuCoin is a global cryptocurrency exchange with its operational headquarters in Seychelles. As a user-facing platform with a focus on inclusion and community action outreach, it offers over 700 digital assets and currently offers spot trading, margin trading, fiat P2P trading, futures trading, betting and lending to its customers. 18 million users in 207 countries. and regions.
In 2022, KuCoin raised over $150 million in investments through a pre-Series B round, bringing total investments to $170 million with Round A combined, for a total valuation of $10 billion. KuCoin is currently one of the top 5 crypto exchanges according to CoinMarketCap. Forbes also named KuCoin one of the best crypto exchanges in 2021. In 2022, The Ascent named KuCoin the best crypto app for enthusiasts.
For more information, visit https://www.kucoin.com.
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