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In the first quarter of 2022, $91 million worth of capital entered the African blockchain ecosystem, with another $213 million injected in the second quarter. total $304 million.
In May, Seychelles-based cryptocurrency trading platform KuCoin raised $150 million as part of its pre-Series B funding round, bringing the company’s valuation to $10 billion. After that, pan-African cryptocurrency exchange Mara raised his $23 million, while Congolese and Nigerian startups Jambo and Afriex raised $30 million and his $10 million respectively.
The Africa Blockchain Report 2021, released as a joint project of Crypto Valley Venture Capital and Standard Bank, found that funding increased by 1,668% from Q1 2021 to 2022, from $5.1 million to $91 million. is showing.
Crypto-centric payments are also on the rise, jumping 1,200% between July 2020 and June 2021. Despite these staggering figures, Africa accounts for only 0.5% of total global blockchain funding.
Three of Africa’s ‘Big 4’ startup ecosystems – Nigeria, Kenya and South Africa – joined by the island nation of Seychelles accounted for $122 million in combined VC inflows. A Nigerian crypto firm raised his $49.6 million, followed by Seychelles with his $33.8 million. Crypto companies in Kenya and South Africa were able to earn $20 million and he $18.8 million respectively. The report added:
The lack of a common legacy financial system and the large, largely unbanked population contribute to the popularity and growth of cryptocurrencies on the continent.
Finally, countries such as Cameroon, Burkina Faso, Egypt and Ghana were able to attract investments worth $4.1 million, $300,000, $200,000 and $125,000 respectively.
Peer-to-peer (P2P) payments among SMEs and cryptocurrency investors are on the rise, demonstrating the collective acceptance of blockchain technology by the African public.Standard Bank’s Ian Putter Blockchain Research Institute Africa Regional Director It pointed out:
Countries such as South Africa, Kenya, Nigeria, and Ghana are seeing the rapid adoption of cryptoassets, access to more efficient payment trails provided by blockchain networks, and stable investments pegged to the value of Bitcoin and the US dollar. We make money with assets such as coins.
another report According to Boston Consulting Group (BCG), Bitget, and Foresight Ventures, cryptocurrency adoption in Africa will see a lot of short-term growth, largely due to the rise of cryptocurrency derivatives trading.
