Chainalysis reports India leads Global Crypto Adoption for second year

Chainalysis, a leading blockchain analytics firm, has released its 2024 edition of the Global Crypto Adoption Index, ranking India as the top country for cryptocurrency adoption for the second consecutive year. Following India, Nigeria and Indonesia secured the second and third positions, respectively, while the top ten also features the USA, Vietnam, Ukraine, Russia, the Philippines, Pakistan, and Brazil.

The report assesses crypto adoption by analyzing key factors such as transaction volume, decentralized finance (DeFi) usage, and peer-to-peer (P2P) exchange activity. The Global Crypto Adoption Index comprises four sub-indexes that evaluate countries based on their use of various cryptocurrency services. 

By ranking all 151 countries with sufficient data and normalizing scores on a scale from 0 to 1, Chainalysis provides a comprehensive overview of global crypto engagement.

Founded in 2014, Chainalysis specializes in blockchain data analysis and provides compliance and investigation solutions to government agencies, financial institutions, and cryptocurrency businesses. As of early 2024, it has supported over 1,000 clients across 70 countries in combating illicit activities on the blockchain and ensuring regulatory compliance.