Vietnam, HQ for AxieInfinity developer Sky Mavis, leads the world in crypto adoption, fueled by play-to-earn gaming and remittances, according to chainalysis baidakova reports
Most of the top leaders in this year’s ranking are located in Central and Southern Asia and Oceania . NFT-based gaming is popular and a strong factor attracting new users to crypto in the region, Chainalysis said. “NFT-related websites account for a majority share of DeFi-related web traffic in almost every CSAO country.”
Overall, the CSAO is “a hub for innovation in blockchain-based entertainment,” Chainalysis said. This region is a home for [the] headquarters of Web3 developer Polygon, game developers Immutable X, Stepn and Sky Mavis, which is the creator of Axie Infinity.Remittances is another force attracting users to crypto. In Vietnam and the Philippines, which both have a sizable portion of their population working abroad, remittances are essential income. According to the, remittances form 5% and 9.
Remittances remain a very important use case for crypto in Latin America, too, Chainalysis reported. In Mexico alone the crypto company Bitso alone processed about $1 billion in U.S.-to-Mexico remittances in 2022,African populations also actively use cryptocurrencies for remittances. According to Ray Youssef, CEO of the peer-to-peer crypto marketplace Paxful, the number of the company’s remittances users in Nigeria grew by 55% this year, and Kenyan users increased by even more – 140%.
To some nations, the advantage of using blockchain technology for remittances is becoming obvious enough to take action. For example, Egypt, which gets 8% of its GDP from remittances, in May announced it would begin work on aThe picture wasn’t all rosy, however. Where governments have taken a hostile stance on crypto, the pace of adoption has measurably faltered.
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