Despite the recent cryptocurrency market crash, the African blockchain scene has continued to attract significant funding, with venture capitalists (VCs) still betting on the industry’s future. In the first half of 2022, African blockchain companies attracted $ 304 million in funding, nearly three times the $ 127 million received in 2021. Nation reported on Aug.3.
In the first three months, VCs injected $ 91 million into various assets, up 134% in the second quarter to $ 213 million. Interestingly, during the second quarter, the cryptocurrency market recorded one of its worst returns, driven by assets like Bitcoin (BTC), which plummeted 56% in the three months.
Some high-profile funding rounds have seen Seychelles-based cryptocurrency exchange KuCoin raise a record $ 150 million. The loan has been dubbed Africa’s first blockchain “mega deal”. Overall, several African countries are seeing increased adoption of cryptocurrencies as residents aim to incorporate digital assets into their regular financial endeavors.