In 2022, African blockchain companies raised a total of $474 million, a 429% increase over the previous year, the latest CVVC Africa Blockchain Fundraising Report shows The report shows that the total amount raised was $3.5 billion. More than $250 million was raised in the custody and exchange category, which represents more than 50% of the funds raised by blockchain companies.
South Africa and the Seychelles accounted for more than 80% of the funds raised
According to the latest CVVC Africa Blockchain Fundingreportblockchain companies on the continent raised $474 million in 2022, a 429% increase in funding over the previous year, according to the
According to the report, the continent’s total blockchain funding in 2022 was realized from about 29 transactions, about 4 more than the 25 that were concluded in 2021.
For individual countries with the largest share of total funding, South Africa (37.3%) and Seychelles (43.9%) alone received over 80% of the total was reported; Nigeria, which had the second highest share in 2021, received nine, totaling about $16 million, or just 3.4% of total funding.
Other than Nigeria and Egypt, which were the only countries from the continent to record a decrease in funding, the report data shows that the other tracked countries recorded significant increases in funding Liberia, which had zero funding in 2021, ranked third with 7.9% in 2022 It is.
Growing demand for crypto trading in Africa
Meanwhile, the report shows that the custody and exchanges category is the strongest performing category, raising over $250 million, or more than 50% of the total. Noting the dominance of this category, the report states:
The significant increase in funding in this category is an indication of the growing demand for cryptocurrency trading in Africa and the recognized importance of secure storage solutions.
Fintech was the second best performing category at 24.3%, followed by infrastructure and development at 14.3%. With the exception of the non-fungible token (NFT), gaming, and metaverse categories, which accounted for nearly 7% of funding, the other categories had a share of less than 1%.
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