A recent study by Recap, a crypto asset management firm, has revealed that Lagos, Nigeria has made the list of the world’s top 20 crypto hub cities. In addition to Lagos, five other African cities, such as Luanda in Angola, Ibadan in Nigeria, Cape Town, Johannesburg, and Pretoria in South Africa, have also been named among the top 50 crypto hub cities.
The results of a study conducted by Recap, a crypto asset management firm, have shown that Lagos, Nigeria is the sole African city to make the list of the top 20 crypto hub cities. Lagos earned a score of 261.2 points, placing it among the top-ranked cities out of the over 200 cities surveyed around the world. Only 13 cities scored higher than Lagos, which is considered to be one of the most populated cities globally.
According to the study results, despite having a low count of crypto-related events and the number of installed bitcoin ATMs, Lagos has the largest proportion of crypto holders in comparison to its population size, at 45%. The data also reveals that Lagos is among the cities with a high number of individuals working in crypto-based jobs, trailing only London, Dubai, New York City, Singapore, Los Angeles, and Paris in this regard.
Ibadan, a city in southwestern Nigeria, has been ranked 24th in the world and second in Africa on the list of crypto hub cities. Despite having a similar rate of crypto ownership as Lagos, Ibadan has a total score of 235.8 points, which is more than 10 points higher than Cape Town, the next highest-ranked African city at the 30th. These findings highlight the strength and growth of the cryptocurrency industry in Nigeria, particularly in Lagos and Ibadan.
The study also highlights the presence of Pretoria (42) and Johannesburg (46) among the top 50 crypto hub cities, with Luanda in Angola (38) being the sixth African city on the list. In terms of the highest-ranked cities, London takes the top spot with a score of 458.5, followed closely by Dubai with a score of 447.2.
The only U.S. cities to make the top ten are New York City (3) and Los Angeles (5). Singapore City (4) and Bangkok (10) are the only Asian cities to make the list.
Joy Rice is a computer science graduate and crypto writer with a strong understanding of blockchain technology. She writes about the latest developments in the crypto industry, and is passionate about educating and informing readers about the potential uses of blockchain.