Annual crypto adoption development in Canada 2020-2023, by metric

Published by
Raynor de Best,
Mar 26, 2024
Canada is in the top 20 in the world in 2023 when it comes to crypto adoption based on transaction volume. This is according to estimates based on web traffic towards individual websites that are used to perform cryptocurrency transactions and then compared for 146 countries of website traffic origin. Notable for Canada is the high ranking of decentralized websites, especially for retail. The source does not explain why this is the case, although it might have to do with the NFT craze that still existed in the early months of 2022.

Crypto Adoption Index ranking of Canada from 2020 to 2023, by metric

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Sources

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Release date

October 2023

Region

Canada

Survey time period

July 2020 to June 2023

Special properties

Ranking (1 = highest, 146 = lowest); Weighted by purchasing power parity (PPP) per capita

Supplementary notes

All figures have been collected by Statista.

The source explains that its index is calculated using five different sub-indices, which are estimated using an individual country's cryptocurrency transaction volume in different situations. These estimates are based off web traffic patterns from individual websites that are used for such transactions and/or protocols.

Several changes were made to the source's methodology over the years. In 2022, the main change involved the inclusion of Decentralized Finance (DeFi) transaction volume. Centralized and Decentralized sub-indices both count equally to the overall index.

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Market share

7

Penetration

8

Biggest brands

6

Users

5

Transaction value

6

Number of transactions (per user)

6

Miscellaneous

6

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Topics

Digital payments landscape in CanadaMobile payments with digital walletsE-commerce in the United StatesE-commerce in MexicoCrypto payments
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