African blockchain ventures outpace global funding growth: Report
The African continent continues to be a fertile ground for the growth and implementation of blockchain technology.
In the African Blockchain Report 2022 by Crypto Valley VC, it was stated that blockchain deals in Africa raised a total of $474 million, resulting in a 429% increase in African blockchain venture funding. This growth in funding for African blockchain ventures surpassed the global average, which only saw a 4% increase in blockchain funding.
According to the report, African blockchain funding demonstrated a growth rate that was over 12.5 times higher than that of general African venture funding on a year-on-year basis. Specifically, African blockchain ventures raised $474 million through 2022, reflecting a 429% increase in funding. In contrast, overall African venture funding saw a 34% increase, with $3.14 billion raised across 570 deals during the same period.
In 2022, African blockchain startups raised a total of $474 million, reflecting a 429% year-on-year increase compared to the $90 million raised in 2021. Africa experienced the highest growth rate in funding among all regions. Meanwhile, the US remained steady at $15.2 billion in funding, while Asia and Europe saw a year-on-year increase of 50% and 35%, respectively, with $4.74 billion and $4.88 billion in funding.
In the past year, Seychelles and South Africa were responsible for 81% of the blockchain venture funding in Africa, having raised $208 million and $177 million, respectively. Moreover, the number of African blockchain deals increased by 12% year-on-year, from 26 to 29.
African blockchain venture funding made up 1.77% of global blockchain venture funding, which saw an impressive 407% year-on-year increase, with several countries contributing to the
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