On-chain segmentation: Unlocking insights for the region’s rising crypto exchanges

On-chain segmentation: Unlocking insights for the region’s rising crypto exchanges

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The region’s crypto appetite is growing. In 2022, the Middle East and North Africa’s crypto transaction volume grew 48 per cent over the previous year’s activity, compared with 36 per cent for North America.

That left MENA as the world’s fastest growing crypto market by transaction volume. It is easy to see why. The expat communities of many of the region’s countries are also predominantly digital native, allowing for a more accepting attitude to the crypto proposition.

Governments of countries with large expat communities in the UAE are also taking an interest, exploring avenues for financial services such as remittances. After all, cross-border payments feed their GDPs.

For example, in Egypt, where remittance payments account for about 8 per cent of GDP, the central bank is collaborating with UAE-based authorities to create a remittance corridor between the two countries. And it is using blockchain technology to do it.

Saudi Arabia and the UAE are both top five countries by cryptocurrency value received between July 2021 and June 2022 and Dubai has become a major hub for crypto companies, which now facilitate transactions throughout the region, including territories across Asia and Africa.

And right now, we see signs of the crypto winter thawing.

So,