TLDR:
- African blockchain venture funding decreased by 74% in the first half of 2024 compared to 2023.
- CV VC reported a 9% increase in the number of deals made in the region.
African blockchain venture funding experienced a significant decline of 74% in the first half of 2024 compared to the same period in 2023, according to a report by Swiss blockchain venture capital firm CV VC. The region secured $34.7 million in funding, marking a steep decline from the $135.4 million raised in 2023. Despite the downturn in funding, Africa saw a 9% increase in the number of blockchain venture deals made. The report also noted a global drop in blockchain funding, with $5.74 billion raised in the first half of 2024 compared to $10.66 billion in 2023. Africa accounted for 6.4% of all venture funding and 12.5% of regional deals, showcasing a stronger focus on blockchain solutions to address unique challenges. The region also saw an increase in its share of crypto startups, highlighting a promising trend in the African blockchain landscape.
Overall, Africa’s performance in blockchain venture funding indicates a greater regional focus on blockchain solutions, driven by the unique challenges that this technology can address. Despite the decline in funding, the continent’s increasing share of crypto startups suggests a growing interest and potential for innovation in the region’s blockchain ecosystem.
