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Saudi Arabia tops global crypto growth volume with $31BN in transactions in 1 year Below excerpt article reported by Helou. E. A. (2023, September 27). Saudi tops global crypto growth volume with $31 bn in transactions in 1 year. Middle East Economy A 12 percent surge in crypto volume between 2022 and 2023 "According to a recent report from blockchain analysis firm Chainalysis, Saudi Arabia has emerged as the country with the highest growth volume of cryptocurrency transactions worldwide over a 12-month period. The Middle East region, along with other countries, is witnessing increased adoption of decentralized finance (DeFi), enabling individuals to transact digital assets like cryptocurrencies without relying on traditional intermediaries." Between July 2022 and June 2023, Saudi witnessed a remarkable 12 percent surge in crypto transaction volume, reaching nearly $31 billion. This growth outpaced other leading countries, including Vietnam (11.6 percent), Nigeria (9 percent), and Spain (6.9 percent), as highlighted in the report. MENA’s crypto landscape The paper identified the Middle East and North Africa (MENA) as the sixth-largest crypto economy globally, with a valuation of $390 billion during the period from July 2022 to June 2023. However, MENA’s crypto economy still lags behind leading regions like North America ($1.22 trillion) and Western Europe ($1.07 trillion). Chainalysis compiled the data for the report by monitoring decentralized finance wallet services and gathering third-party data to analyze web traffic trends. To read full article, click here Photo by TravelScape and Freepik Legal Disclaimer: INFYNIT is providing the content here for educational purposes only. All opinions are of the original author and not an opinion of INFYNIT or any of its affiliates. #GlobalNews #SaudiArabia #Crypto #Blockchain #FutureTech #Finance #MENA #BRICS #NATO