In 2021, the African blockchain and cryptocurrency space raised $127 million. In 2022, 17 startups in this space will raise his $213.3 million in funding, a 47.2% increase from the previous year.
$91 million was raised in Q1 2022. This represents a 1,668% increase from Q1 2021 to $5.1 million. With this, funding in this space will reach the $200 million mark in 2022.
Blockchain companies are still resilient in attracting VC investment despite falling crypto asset prices.
While the African crypto and blockchain ecosystem is yet to have a megadeal, South African exchange Valr has secured a $50 million Series B round, the highest on the continent.
Funding in this area is not very significant compared to the rest of the planet, but they are still making great strides.By 2021, eight African countries will have secured funding in the blockchain space. However, in 2022, 7 countries were produced.
Which blockchain industry has raised the most funding in 2022?
Exchange
- Bitmama (Nigeria) – $1.65 million
- Ejara (Cameroon) – $8 million
- AfriEx (Nigeria) – $10 million
- Valr (South Africa) – $50 million
- Mara (Nigeria/Kenya) – $23 million
- Yellow Card (South Africa) – $40M
game
NFTs
- Hashgreed (Nigeria) – $1 million
- Ayoken (Nigeria) – $1.4M
investment
mining
Fintech
inspection
- Flexid (Zimbabwe) – Private
DeFi
Software Development
There is still a lot to explore in the African blockchain space and a lot of untapped potential for young talent on the continent. Despite regulatory challenges, some of these companies continue to make significant progress in offering blockchain-related solutions.
More exchanges have raised the most in 2022. This shows that crypto remains the most popular use case for blockchain technology.Cryptocurrency exchanges may have received more funding as they offer more financial inclusion. I have. This is not flexible with many traditional banks on the continent.
Nevertheless, 2022 has shown that blockchain use cases are much more than cryptocurrencies, as there are other tradable digital assets.
The African continent has demonstrated the ability to integrate blockchain technology into many sectors. Looking ahead to 2023, global investors should pay more attention to blockchain talent in Africa.
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