Cryptocurrencies - Togo | Statista Market Forecast

The Cryptocurrencies market in Togo is projected to achieve a revenue of US$586.6k in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2025) of -2.81%, resulting in a projected total amount of US$570.2k by 2025.
In 2024, the average revenue per user in the Cryptocurrencies market is estimated to be US$4.2.
When compared globally, United States leads with the highest revenue of US$9.8bn in 2024.
Looking ahead, the number of users in the Togolese Cryptocurrencies market is anticipated to reach 140.10k users by 2025.
The user penetration rate is expected to be 1.51% in 2024 and is projected to reach 1.48% by 2025.
Togo's cryptocurrency market is experiencing a surge in adoption as more residents turn to digital currencies as a means of financial inclusion.

Definition:

Cryptocurrencies are digital currencies that use an online ledger with strong cryptography to secure online transactions. Generally, cryptocurrencies are decentralized networks based on blockchain technology – a distributed ledger technology that autonomously records peer-to-peer transactions across decentralized computers without a central authority. Cryptocurrencies are predominantly traded and exchanged cryptocurrency exchanges, neobrokers, and neobanks.

Cryptocurrency networks, cryptocurrency exchanges, neobrokers, and neobanks require digital onboarding of their clients and do not have physical branches to provide consultations and services to their customers. Nevertheless, it is not mandatory for their potential clients to have a smartphone to open an account. The above-mentioned financial entities usually charge a fee for their services, and, given the nature of cryptocurrency trading activities, these platforms can be accessed either via a mobile app or via a desktop website.

Additional Information:

Within our market scope, we focus only on cryptocurrency exchanges, online trading platforms, and neobanks that provide either exclusively B2C or both B2B and B2C services.Key players in this market are Coinbase, Binance & Robinhood.

Cryptocurrency exchanges
Trading platforms / neobrokers
Neobanks

NFT
Trading platforms that only with B2B services
Decentralized finance services
Web 3.0

Currently, the cryptocurrency market has been experiencing a period of volatility, with fluctuations in the value of major cryptocurrencies such as Bitcoin, Ethereum, and Dogecoin. The market has also seen a rise in the number of altcoins, or alternative cryptocurrencies, with unique features and use cases.
Several growth factors are driving the growth of the cryptocurrency market, including increasing acceptance and adoption of cryptocurrencies by individuals and institutions, growing interest in decentralized finance (DeFi) platforms, and the potential for cryptocurrencies to serve as a hedge against inflation and political instability. Additionally, advancements in blockchain technology and the increasing use of cryptocurrencies for cross-border transactions are also contributing to market growth.
The cryptocurrency market is expected to continue growing in the coming years. The increasing adoption of cryptocurrencies by businesses and individuals, along with the ongoing development of DeFi and other blockchain-based platforms, is likely to fuel this growth. However, the market is also likely to experience volatility and corrections, as is typical with any emerging and rapidly evolving market.

Data coverage:

The data encompasses B2C enterprises. Figures are based on transaction values / revenues / assets under management and user data of relevant services and products offered within the FinTech market.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, publicly available databases, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, population, internet penetration, smartphone penetration, credit card penetration, and online banking penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Financial market, in a PDF format.