Crypto’s Next Billion Users Are in the Global South, Says Deobank WeFi CEO

Core Insights - Crypto adoption is rapidly increasing in emerging markets such as Nigeria, the Philippines, and Argentina, indicating that the future of the industry lies in developing economies rather than in the U.S. [2][6] - The focus on attracting institutional capital from Wall Street has led to a neglect of the practical applications of crypto in lower-income countries, where it serves as a survival tool rather than merely an investment vehicle [3][6] Group 1: Use Cases of Crypto in Emerging Markets - In Argentina, individuals are using dollar-pegged stablecoins to protect their savings from inflation, with many exchanging pesos for USDT to cover everyday expenses [4][5] - In Nigeria, digital currencies are essential for cross-border remittances, significantly reducing traditional fees that can reach up to 7%, allowing families to allocate more funds for necessities [5] - The Philippines has seen over a million merchants accepting digital assets, with remittances contributing approximately 9% to the country's GDP, showcasing the integration of crypto into daily business operations [5] Group 2: Growth Trends and Analytics - Chainalysis reports that Brazil, India, Nigeria, Vietnam, and the Philippines are leading in grassroots crypto activity, driven by small on-chain transfers and retail trading [5] - Sub-Saharan Africa shows strong indicators of everyday cryptocurrency use, despite being the smallest crypto economy by transaction volume, with a 52% increase in adoption [5] - The Asia-Pacific region is projected to be the fastest-growing area for on-chain crypto activity, with a 69% year-on-year increase in value received, followed by Latin America at 63% [5]