Crypto blockchains invest in the African Web3

Crypto tours dance mapoukaen! – Large blockchain protocols compete for the emerging Web3 economy in Africa. According to analyst firm Chainalysis, the value of the African crypto market has increased by more than 1,200% between July 2020 and June 2021. Adoption rates are particularly high in Kenya, in South Africa, Nigeria and Tanzania. In addition, Africa had the third fastest growing cryptocurrency economy in the world during this period. Chainalysis also found that Africa is a leader in terms of shares of global peer-to-peer cryptotransaction volume.

Blockchain protocols are taking hold in Africa

Every day, large blockchain networks announce new initiatives focusing on Africa. Ethereum, Cardano, Stellar, Celo and others seem to be actively fighting to position themselves in the race. Your goals over the last twelve months? Building and shaping the new Web3 economy in Africa.

The Ethereum Foundation has committed resources to an insurance program with over 6 million farmers in e.g. Kenya. The Stellar Development Foundation also announced several initiatives. First a partnership with Flutterwave for launch new Europe-Africa remittance channels. The fund then announced that it had invested in a Nigerian money transfer platform. She has also created blockchain boot camps for African startups. Finally, a $ 30 million fund has been set up.

One coffee ? No, cryptocurrency!

The Celo Foundation also announced several initiatives. Among other things, a collaboration with a Burkinabus startup to launch a stack coin that tracks the value of the CFA franc. Celo has also signed a partnership with Mercy Corps Ventures for a pilot project in Kenya. The latter has a purpose promote economic inclusion.

Cardano is also busy across the continent. Charles Hoskinson toured in African countries. From South Africa to Egypt, he outlined Cardano’s vision for the continent. Cardano’s Africa-focused trading arm, EMURGO Africa, was established in Kenya. EMURGO Africa’s intention is toinvest $ 100 million in over 100 blockchain startups in three years. EMURGO Africa announced investments in Adanian Labs and Adaverse. In addition, Cardano announced a partnership with Kenyan Pezesha to build one “peer-to-peer financial operating system”.

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African venture capital investment

In addition to the increased activity of blockchain protocols, the last twelve months have also seen an increase in fundraising. In fact, a large number of startups utilize different blockchain protocols to help individuals. Businesses and other entities also benefit from the benefits of the Web3 economy.

Stock exchanges and wallets that allow users to buy and sell cryptocurrencies also experienced an increase in fundraising. Examples include VALR ($ 50 million Series B), Cowrie Exchange, Yellow Card, VIBRA (Africa Blockchain Lab), Busha, OVEX, Ejara, Bitmama and Revix.

Infrastructure providers that make it easy to create cryptocurrencies have also caught the attention of investors in Africa. Among them were LazerPay, KotaniPay, Payourse, Flux, Emtech and others.

The African continent is no longer a desert when it comes to cryptocurrencies.

Many services that utilize blockchain technology in a wide variety of utility cases have also received a share of venture capital financing. Examples include fundraising by Pravica, HouseAfrica, KappaPay, SunExchange, Chekkit, OneWattSolar, Seso Global and others.

Lending-related services should not be omitted by companies like Goldfinch, NFTfi and others. The latter also have raised risk capital in the past year. Finally, studios, super apps and other platforms with broad Web3 missions have also attracted the attention of global investors.

Around the world, Web3 gives birth to a myriad of possibilities. The consequences for the African continent are enormous. Billions ofunbanked, underbanked and underserved individuals could benefit from blockchain technology. Given the current situation and the pace of innovation across the continent, it is clear that the future of Web3 in Africa is bright. And it is not FTX that will say the opposite!

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