African blockchain investments surpass 2021’s total of $127M #togrp7
Seychelles-based cryptocurrency trading platform KuCoin raised $150 million as part of its pre-Series B funding round, bringing the company’s total valuation to $10 billion US dollars. Subsequently, Mara, a Pan-African crypto exchange, raised $23 million, while Congolese and Nigerian startups Jambo and Afriex raised $30M and $10M, respectively.
The African Blockchain Report 2021, released as a joint project by Crypto Valley Venture Capital and Standard Bank, shows that between Q1 2021 and 2022, funding grew by 1,668% – rising from $5.1 million to $91 million. Crypto-centric payments too have been growing, surging by 1,200 percent between July 2020 and June 2021. Despite these striking numbers, Africa accounts for a measly 0.5% of the world’s total blockchain funding. Lastly, countries like Cameroon, Burkina Faso, Egypt, and Ghana were able to attract investments worth $4.1M, $300k, $200k, and $125k, respectively.#togrp7