Nigeria among top 10 countries for crypto as Africa gets 0.5% global blockchain funding
In this photo illustration, visual representations of digital cryptocurrencies, Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Litecoin (LTC) and Dogecoin (DOGE) are arranged. Photo: AFP
Blockchain can be applied in SME financing, supply chain, mobility
Nigeria has ranked among the top 10 countries for adoption of crypto across the globe. This was according to a report, titled ‘State of Web3.0 in Africa’, unveiled at the weekend and prepared by Emurgo Africa, in strategic partnership with PwC.
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The report provided an expansive and insightful analysis of the emergent influence of blockchain and Web3.0 technologies within Africa, the Middle East and North Africa (MENA) region.
It cast a spotlight on pivotal rise of blockchain investment within Africa. It noted that blockchain funding soared by a stunning 1,668 per cent in 2022, compared to the preceding year, accumulating a total of $91 million in countries like Kenya, South Africa and Nigeria, heralding Africa’s burgeoning presence within the global blockchain arena.
It noted further that blockchain funding raised in Africa grew from $5.165 million in 2021, compared to $91 million in 2022. The report noted that blockchain technology could be applied in areas including SME financing; supply chain; governance; digitising trade infrastructure and title deed registration.
Other areas are verification of education credentials and mobility smart contracts for informal markets, among others. Illustrating the progress and latent potential of blockchain and Web3.0 technologies across Africa, the report painted a picture of Kenya’s forefront role in blockchain adoption and digital innovation. It showcased Kenya’s speedy growth in implementing blockchain solutions that stimulate
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