Crypto venture capital investment grew over 400% in Africa in 2022 to about $470 million, outstripping global VC investment’s 4% growth that saw the industry rake in about $27 billion.
According to a new report by CV VC and South Africa’s Standard Bank, African crypto firms raised about $474 million in 2022, outpacing investment in other sectors by almost 400% and beating the 4% global crypto investment growth.
Africa’s Share of Global Crypto VC Investment Jumps to 1.8%
Seychelles and South Africa secured 81% of African funding, securing $208 million and $176 million. Crypto exchanges and custody platforms snapped up 52% of the money.
At the same time, fintech and blockchain infrastructure and development were the second and third-most funded categories, accounting for 24% and 15% of the funds raised, respectively. International exchange KuCoin reached unicorn status, raising $180 million in Seychelles.
In addition, the number of blockchain deals grew by 12%, including firms involved in personal identification and financial independence.
Africa’s share of $26.8 billion in global blockchain venture funding rose from 0.3% in 2021 to 1.8% in 2022.
Despite the growth, however, most crypto VC funding remains concentrated in the United States (57%), Asia (17.7%), and Europe (18.2%). The U.S. surrendered 10% of its year-on-year share of sector-agnostic VC funding to Asia in 2022.
Devalued Currencies and Regulatory Ambiguity Ahead
Despite the growth in crypto venture capital in Africa, a Bloomberg
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Author: David Thomas
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