The continent’s large, largely unbanked population and lack of financial institutions have contributed to the appeal and expansion of cryptocurrencies in Africa.
African blockchain startups received $304 million in investment in the first half of 2022, nearly triple the $127 million in 2021, according to an Aug. 3 study by Nation.
VCs invested $91 million in various venture capital investments in the first three months; in the next three months, this amount rose 134% to $213 million.
Interestingly, the cryptocurrency market had one of its worst quarters in the second quarter of 2022, with Bitcoin plummeting by more than 55%.
…but in the first half of 2022, only 0.5% of the world’s blockchain startups were founded in Africa!
KuCoin, a Seychelles-based cryptocurrency exchange, has raised a record $150 million in several major funding rounds.Additionally, Jambo raised $30 million, while pan-African cryptocurrency exchange Mara Raised $23 million. During the second quarter, Nigerian company Afriex raised $10 million.
Despite record funding, in the first half of 2022, only 0.5% of the world’s blockchain startups were founded in Africa.
The finding comes after the African Blockchain report observed economic difficulties in the region, including inflation The appreciation and depreciation of the local currency is mainly the factor driving the cryptocurrency industry on the African continent.
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Alm Maye has been a trader and analyst since 2013. He is an expert in the stock market, foreign exchange and cryptocurrencies. He is the creator of two websites dedicated to personal finance, Almvest.com and Imveste.com. He is involved in the development of feature articles for professional websites such as Actions-boursieres.fr and the international network of Finixio.com.