A recent report from Chainalysis reveals that Indonesia has experienced a significant surge in crypto adoption throughout 2024, ranking the country into the top three nations with the highest crypto adoption rates globally. This achievement places Indonesia ahead of major countries like the United States and even surpasses Vietnam.
In their report titled ‘The 2024 Global Crypto Adoption Index,’ Chainalysis evaluated 151 countries based on various indicators such as the value of crypto received through centralized services and transaction activity on DeFi protocols to gauge the countries with the highest crypto adoption levels.
From the report, it was found that the Central, South, and Oceania regions dominated global crypto adoption throughout 2024, with seven of the top 20 countries coming from this region.
Globally, Indonesia, which previously ranked seventh, has now climbed four places to the third position, recording the highest annual growth among other countries, reaching nearly 200%.
The rapid growth of crypto adoption in Indonesia is largely driven by the use of DeFi protocols, where Indonesia ranks first in terms of the value of DeFi received, both in terms of overall crypto value and the value received by retail users.
DeFi has played a particularly significant role in Indonesia’s crypto interests. The country’s high ranking in terms of DeFi value received indicates a strong interest in decentralized financial services.
Many Indonesians have turned to DeFi platforms to earn interest on their crypto holdings, participate in decentralized lending, and explore innovative financial products that are not available through traditional banking channels.
This huge adoption mainly contributes to the Indonesian crypto investors who are seeking alternative investment opportunities such as meme coins on many decentralized exchanges (DEXs) which have attracted many investors seeking quick profits.
With a supportive regulatory environment, the tech-savvy population, and a thriving DeFi ecosystem, Indonesia is well-positioned to become a regional and global leader in the crypto industry. Contact us today to learn more about how we can help your crypto brand thrive in Indonesia.
