Seychelles, South Africa rule Africa’s blockchain roost with 95% of funding
- Seychelles and South Africa accounted for 95% of venture funding in the blockchain industry in Africa in 2023.
- Seychelles blockchain startups raised $100 million from six deals while South African startups raised $29 million from 4 deals.
- Nigerian startups raised $13 million in funding from five deals, accounting for 38% of total funding by African startups.
The dominance of Seychelles and South Africa in blockchain funding in Africa indicates their strong position as hubs for innovation and investment. However, it is encouraging to see other markets like Nigeria also making significant contributions to the industry. The rise of blockchain startups in Africa is a positive sign for the growth and development of the technology in the region.
