Lagos, Nigeria’s largest city, ranks 14th globally among the world’s most crypto-ready cities, with 45% of its population owning or using crypto, due to its high quality of life, thriving startup ecosystem, strong financial infrastructure, and large talent pool.
According to a recent study, Lagos, Nigeria’s largest city, has emerged as a leading player in the crypto space, ranking 14th among the world’s most crypto-ready cities.
This is tremendous growth, especially since Nigeria tops the list among leading African countries with high crypto adoption rates. Other countries that follow suit include South Africa and Kenya.
Out of the top 50 cities, 6 are from Africa. These include cities from Nigeria, South Africa, and Angola. Lagos in Nigeria holds position 14 on the list. Ibadan in Nigeria is in position 24, Cape Town in South Africa is in position 30, Luanda in Angola is in position 38, Pretoria in South Africa is in position 42, and Johannesburg in South Africa holds position 46.
Lagos boasts 45% of the population owning or using crypto
The study analyzed eight key data points, with a major focus on the quality of life, crypto-specific events, the number of people working in crypto-related jobs, and the number of crypto companies.
Other considerations included R&D spending as a percentage of GDP, the number of crypto ATMs, capital gains tax rate, and crypto ownership in each country. These data points were used to determine the overall ecosystem of each country and its level of development in the crypto industry.
With a high quality of life score and a thriving startup ecosystem, Lagos boasts 45% of the population owns or uses crypto. The highest compared to any other city on the list. The city also has a growing number of crypto-based companies and hosts many crypto-related events and conferences.
All these factors make the city an attractive destination for those looking to delve into the crypto world.
Related; Nigeria’s 60% BTC Surge Amid Central Bank’s Shift to eNaira
Financial infrastructure and talent pool stand out in Lagos
Lagos’ strong financial infrastructure and the availability of a large talent pool also significantly attracted investment in the crypto space.
The city steadily makes progress in building a robust and favourable environment for crypto investors and businesses. The government and private sector are working together to support the crypto industry to flourish.
Related; Nigeria Is Ready to Embrace Crypto Again, as per Proposed Bill
Potential for growth
Lagos still has a long way to go to match the likes of London, which topped the list as the leading crypto hub globally. However, with the increasing popularity of crypto assets and the growing number of crypto-based companies, Lagos has the potential to rival the world’s leading crypto cities in the future.
The recognition of Lagos as one of the top 50 cities in the world for crypto-readiness highlights its growing importance in the global crypto space. This recognition also showcases its potential for further growth.
Lagos is well-positioned to become a leading player in the African crypto market. The favourable position also makes the country a hub for crypto-related start-ups and investment.
The popularity of cryptocurrencies around the globe is growing rapidly. As a result, cities are competing to establish themselves as crypto-friendly jurisdictions and attract crypto-related start-ups and investments.
Related; Vigor for Cryptocurrencies in Nigeria Deters Adoption of the eNaira
2022 was a difficult year for the crypto industry, with many hoping for a global increase in crypto adoption. Despite the challenges, Africa’s crypto market received recognition for its resilience and ability to survive.
In 2022, multiple African governments took steps to embrace cryptocurrency, including the adoption of their CBDCs.
This is a testament to the strength of the crypto market in Africa, even during the crypto winter and crashes.
