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What happened: A recent report jointly prepared by CV VC and Standard Bank has shown that blockchain venture funding in Africa reached $474M in 2022, up from $89.6M in the previous year for an almost 430% increase. Details: The figure means that Africa became the only region with growth in triple-digit percentage, surpassing all other regions, including the U.S., Asia, and Europe. The blockchain startups in the region raised $474M in funding last year by signing 29 new deals. Seychelles and South Africa became the countries securing the vast majority of the total funds, with an 81.2% rate combined. Why it matters: Blockchain startups in Africa have generally raised the smallest share of global venture funding. The projects in the region were able to secure only 1.8% of the total funds worldwide last year despite the huge growth in financing. The region had managed to collect even less in 2021, with a 0.3% share. Since the blockchain startups in the area have much less access to funding when compared to those in other regions, the recent growth is considered a huge milestone. Where to see the impact: The rise in funding is expected to help accelerate blockchain adoption in the developing region and help blockchain startups, including H20 Securities, Jambo, Pyypl, and VALR, build much more innovative projects. |
