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More venture capital for African crypto startups in 2022: Investments up 11x

 


Crypto and blockchain are seeing increasing adoption in the Africa region . More venture capital flowed into the continent in the first quarter of 2022 than in the first quarter of 2021, according to a new report by blockchain investment firm Crypto Valley Venture Capital (CV VC) and Standard Bank. 


The report titled "The African Blockchain Report 2021" shows that blockchain startups managed to raise $91 million in the first quarter of 2022. Compared to the first quarter of 2021, capital inflow increased 1,668 percent this year compared to 149 percent in 2021. According to CV VC, this is an increase of more than 11 times.


The report also highlights that while no "blockchain megadeal" has yet been struck in Africa, the region's crypto and blockchain scene could see its first unicorns within 2-3 years as more venture capitalists grow show interest in the region.

CV VC Managing Director for Africa Gideon Greaves told Cointelegraph that blockchain funding in Africa has surpassed other forms of startup funding. Greaves also stated that the region has an opportunity to enter markets faster through blockchain. Greaves also commented:


"We see this development as an important enabler for African companies. With blockchain as a catalyst for building new lines of business, they will gain quick access to the markets."

Greaves also said the region's lack of traditional infrastructure would give blockchain startups an advantage, as they can fill the gap with fast and innovative technologies.


According to the CV VC Managing Director, Africa has the right tools, motivation and people to create large companies that serve millions of people. He expects the African continent to become the leading region in “blockchain business capitalization” over the next five years.


Meanwhile, venture capital firms recently invested $23 million to launch a crypto exchange platform dubbed MARA. The exchange initially aims to serve Kenya and Nigeria and offer these countries an easy way to trade cryptocurrencies.


Last month, a report also said Nigeria's lack of financial services infrastructure is conducive to crypto adoption in the country . The study also highlights that the country's citizens are increasingly using cryptocurrencies as an alternative for storing and transferring assets.

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