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African blockchain ventures outpace global funding growth: Report

African blockchain ventures outpace global funding growth: Report

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#blockchain
Africa witnessed a 429% YoY increase in venture funding in 2022, with the majority of funding coming from Seychelles and South Africa.

According to the 2022 African Blockchain Report by CV VC, blockchain deals in Africa raised a total of $474 million, representing a 429% increase from the $90 million raised in 2021, and a growth rate that was over 12.5x higher than that of general African venture funding on a year-on-year basis. This growth in funding far surpassed the global average, which only saw a 4% increase in blockchain funding. Seychelles and South Africa were responsible for 81% of the blockchain venture funding in Africa, and Nigeria had the highest number of blockchain startups receiving funding, followed by South Africa, Seychelles, and Kenya. Despite the substantial increase in blockchain funding, the median deal size has significantly risen, indicating that businesses are securing more substantial funding, and investors are becoming more confident in African blockchain ventures.


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