Private venture capital company Crypto Valley Venture Capital (CV VC) and financial services firm Standard Bank’s inaugural ‘African Blockchain Report’ shows that Nigeria raised $49.6-million for 18 new blockchain ventures in Africa in 2021.
The Seychelles raised $33.8-million for four companies, Kenya $20-million for one enterprise and South Africa $18.89-million to fund five blockchain and cryptocurrency companies.
The report shows in detail how Africa has accelerated blockchain as a transformative force for society and the economy and how pioneers continue to reinforce the need for more unified action on regulation and infrastructure.
It also shows how funding outpaced all other sectors by 11 times.
The findings demonstrate how countries and stakeholder capitalists are beginning to step in and embrace Africa’s self-determining participation in the Fourth Industrial Revolution, CV VC and Standard Bank highlight.
“While it is a fact that African nations are among the fastest crypto adopters globally, the CV VC report moves past crypto. It looks at the underlying revolutionary blockchain movement, set to enable Africa to transact and interact for the well-being of its people and economies,” CV VC notes.
The report highlights that companies raised $91-million in the first quarter of 2022, which is a 1 668% year-on-year increase from the first quarter of 2021.
Further, when comparing the first quarters of 2021 and 2022, venture capital funding for African blockchain startups far outpaces the growth seen in general African venture funding, which saw 149% growth during 2021.
Africa is the fastest adopting crypto continent globally, yet it has only a 0.5% share of total global blockchain venture funding, which stands at $25.2-billion. African blockchain funding of $127-million in all of 2021 is similar in size to a single blockchain mega-deal of which there were 59 globally.
Further, the regulatory challenges are clearing, as six nations have…