In 2024, crypto startups in Asia and Africa have reached unprecedented levels. They are even surpassing the United States and Canada. This trend is largely due to the US regulatory uncertainties as well as the growing adoption of cryptocurrencies in emerging markets.
Rise of crypto startups in Asia and Africa: The numbers don’t lie!
Data compiled by accelerator Alliance shows that the share of crypto startups in Asia and Africa has increased significantly this year.
- Asia now accounts for 26.8% of new startups.
- Africa reached 5.2%.
This growth is fueled by increased adoption of digital assets on these continents, which are benefiting from booming emerging markets.
“Digital asset applications are seeing increasing adoption in emerging markets.”
Qiao Wang and “Chloexyg” from Alliance DAO
Europe leads new crypto startups
Still according to The report Alliance, Europe surpasses the United States and Canada in holding the top spot for new crypto startups. Its share represents 31.4% in the first half of 2024This European domination can be explained by policies more favorable to innovation and blockchain.
On the other hand, uncertainty related to US regulations (notably the SEC's approach) has pushed many founders to look for opportunities elsewhere.
What about crypto startups in the US?
In the US, crypto startups are facing increasing challenges due to strict regulations imposed by the SEC. This approach has prompted companies like Phoenix Wallet and Wasabi Wallet to exit the US market.
That’s not all! The number of founders from large tech companies has also fallen by more than 15 percentage points since 2021. This trend reflects a loss of confidence in the innovation climate in the United States.
The data reveals one important fact: The dynamics of crypto startups are changing rapidly. For cryptocurrency investors, understanding these trends is crucial to seizing opportunities in emerging markets.
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