African Blockchain Companies Raise $474 Million in 2022, Led by South Africa and Seychelles
African blockchain businesses are booming! In 2022, they raised a whopping $474 million, which is 429% more than what they raised in the previous year. And get this – more than half of that money (over $250 million) went to custody and exchanges!
South Africa and Seychelles were the biggest winners, taking home more than 80% of the total funds raised. Nigeria came in second place with nine deals worth almost $16 million, while Liberia came out of nowhere to claim the third spot with 7.9% of the total funding.
The demand for crypto trading in Africa is clearly on the rise, and the custody and exchanges category is reaping the benefits. Fintech came in second place with 24.3%, followed by infrastructure and development with 14.3%. And while NFTs, gaming, and the metaverse are all the rage these days, they only accounted for about 7% of the funding.
Overall, the future looks bright for African blockchain businesses. With more and more investors jumping on board, we can’t wait to see what they’ll achieve next!
Clever Robot News Desk 21st April 2023