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India and Nigeria Lead Global Crypto Adoption: Report

The report highlights a recovery in grassroots cryptocurrency adoption, primarily in lower-middle-income (LMI) countries, following the FTX implosion of 2022. 

Global Crypto Adoption Index Unveiled

Blockchain analytics firm Chainalysis offered an early look at its fourth annual Global Crypto Adoption Index. According to the rankings, India leads the way in crypto adoption, while Nigeria, Vietnam, and the Philippines are close behind. Interestingly, the top spots are dominated by countries in the Central & Southern Asia and Oceania region, indicating a shifting landscape in crypto adoption.

Despite a global decline in grassroots crypto adoption, the report highlights that lower-middle-income (LMI) countries, with per capita incomes ranging from $1,086 to $4,255, have shown the most significant recovery in the past year. This resurgence is promising, considering LMI countries represent over 40% of the world's population.

Institutional Adoption on the Rise

Chainalysis identifies a noteworthy trend in institutional adoption of cryptocurrencies, especially in high-income countries. This growth suggests that despite market volatility, organizations are increasingly embracing digital assets.

The report also envisions a "bottom-up and top-down" crypto adoption scenario, where cryptocurrencies serve the needs of both high-wealth and developing nations. This inclusive approach could bridge wealth disparities in the crypto space.

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