India and Nigeria Stay at Forefront of Crypto Adoption in 2024

According to the Chainalysis Global Crypto Adoption Index, India and Nigeria maintained their positions as the countries with the highest adoption rates in terms of digital assets.

A report by Chainalysis states that the global crypto adoption ranking for 2024 is once again led by India. Nigeria is in second place, as it was last year, and Indonesia moves up to third place.

Chainalysis assessed the level of crypto adoption in 151 countries around the world based on two main criteria, namely:

• the volume of cryptocurrency transactions received by centralized exchanges (CEX);
• the volume of cryptocurrency transactions received by DeFi platforms.

Both wholesale and retail sub-indexes of transactions are evaluated, taking into account the volume of gross domestic product (GDP) per capita on a purchasing power parity (PPP) adjusted basis.

India leads in centralized service usage, while Indonesia — in DeFi platforms. Meanwhile, Nigeria managed to overtake Indonesia due to the high level of crypto usage for retail.

The United States remains in fourth place for the second year in a row. Vietnam, which dropped two positions over the year, took the fifth position, displacing Ukraine by one position. The top 10 countries with a high level of cryptocurrency adoption in 2024 also included the Philippines, Pakistan, and Brazil.

India for the first time became the leader in the level of crypto adoption.

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