Compared to other continents, Africa is one of the most promising markets for blockchain development. Technology seems to be gaining a little more ground there every year, driven by a country like Nigeria. But it is no longer the only state in Africa to bet on its potential.
429% increase in African investments in blockchain in 2022
If there is one continent where blockchain has met with significant interest in the last year, it is Africa. And it is not Nigeria alone. According to The report “African Blockchain Report”published Tuesday, April 18 by CV VC, other countries are now following the momentum.
The figures provided by this Swiss company which supports the development of blockchain startups are revealing. They point to a massive increase in funds being injected into blockchain projects in Africa.
Overall, these investments are in the order of $474 million in 2022. This figure represents an increase of 429% compared to the $90 million of funds mobilized in 2021.
When we compare this figure to that of other financial segments, we realize how unprecedented this growth is. For example, the venture capital segment only grew by 34% in 2022, with just $3.14 billion in funds raised. This is 12.5 times less than the blockchain investments made over the same period.
This exceptional performance suggests that African blockchain startups are having less difficulty in financing their activities. An argument that is true for Nigeria. But countries like South Africa, Seychelles and Kenya make it much easier to fund blockchain-focused startups.
In addition, African investments in blockchain will record the strongest growth globally in 2022. They thus exceed the 50% increase achieved in Europe and the 35% increase achieved in Asia. This, for $4.74 billion and $4.88 billion in funding, respectively. This is undoubtedly a sign that the African blockchain market still has a lot of room for improvement.
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