The global blockchain industry witnessed several trials and triumphs over the course of the year, but African startups secured deals, funding, and overall growth.
The African Blockchain Report published by blockchain venture capital company Crypto Valley VC in association with Standard Bank highlighted that the gross amount of deals on the continent also grew by 12, with several deals in the infrastructure, personal identification, recordkeeping, and access to financial independence sectors.
Combining the sharp increase in blockchain funding with the fact that Africa had the smallest global increase in the number of blockchain deals yet was the only region globally exhibiting increases in all deal sizes, indicates that African blockchain startups are raising larger cheques and investors are gaining confidence.
This is against the backdrop of the fact that Africas share of all global funding has risen more than any other region by a considerable margin.
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In 2022, venture capital on the continent increased by 34 to 3.14 billion, while global funding decreased by 35 to 415 billion.
Seychelles and Kenya make up the top four.
On the back of an eventful and gloomy spell for the blockchain industry, the continents blockchain players seem to have evaded the strokes of the markets woe and have girded their loins to ensure the industry thrives, attracting funding from investors, pioneering ingenious products, and pushing the barriers rigorously.
As stated in the report, the last couple of months have seen the emergence of blockchain unicorns on the continent.
With a 52 per cent share, the custody and exchanges category received the most funding.
Nigeria ranks first among the countries on the continent with the highest number of blockchain startups funded, closely followed by South Africa, which has seen the rise of notable blockchain startups.
- Africa is growing as a blockchain hub
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