Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Funding For African blockchain start-ups grows 1000%

Published 26/05/2022, 18:56
Updated 26/05/2022, 19:41
© Reuters. Funding For African blockchain start-ups grows 1000%

© Reuters. Funding For African blockchain start-ups grows 1000%

Whilst Bitcoin (CRYPTO: BTC) continues to consolidate sideways, adoption in Africa continues to surge. A new report reveals venture funding for African cryptocurrency start-ups grew 11x in 2022. Africa blockchain startups brought in $91 million in the first quarter of 2022 alone, a 10x increase from the first quarter of 2021.

One VC firm in particular, Crypto Valley Venture Capital (CVVC), the Switzerland-based venture capital (VC) firm, has launched an African blockchain early-stage fund. The VC said that the objective of the accelerator is to fund 100 start-ups from Africa in the next 4 years. So far, CVVC has invested in 12 blockchain start-ups whose business models go beyond cryptocurrencies.

Remarking on CVVC’s launch of the blockchain fund, as well as the publishing of the inaugural African Blockchain Report, Véronique Haller, Chargée d’affaires at the Swiss Embassy in South Africa said: “Blockchain has the potential to be a catalyst for positive change and shape the future of our continent. With data in and around blockchain in Africa still scarce, the first Africa Blockchain Report will be an important milestone.”

Furthermore, the Central African Republic is set to launch Africa’s first Bitcoin and crypto investment hub after the country made Bitcoin legal tender last month. I think crypto in general has an important role to play in Africa, as many Africans lack access to financial institutions. In addition, CVVC are trying to provide financial records to the population through blockchain technology which they would not have otherwise.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.