VC funding for African crypto startups grew 11x in 2022: Report
Africa is yet to grab a 'blockchain mega-deal', but more VC funding continues to flow in Africa in 2022
By Shashank Bhardwaj
As the crypto and blockchain adoption rate continues to rise in Africa, more funds have flowed into in Q1 of 2022 than in Q1 of 2021, a new report by Crypto Valley Venture Capital (CV VC) and Standard Bank revealed.
The report titled ‘The African Blockchain Report 2021’, stated that venture capital funding grew 11x from 2021. Blockchain startups raised a total of $91 million in Q1 of 2022. This marks a 1668 percent year-on-year increase in terms of cash flow compared to the growth of 149 percent recorded in Q1 of 2021. Africa is attracting a lot of funding in 2022, though it is yet to see a ‘blockchain mega-deal’.
Nigerian citizens have begun to use crypto as an alternative medium to store and transfer assets.
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