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In 2023, Seychelles and South Africa dominated the African blockchain industry, accounting for 95% of venture funding. This indicates their emergence as primary hubs for blockchain innovation and investment on the continent. Collectively, only five African countries contributed to the total $135 million in funding.
According to the CV VC Africa Blockchain report, Seychelles blockchain startups secured $100 million across six deals, while South African startups raised $29 million from four deals. Notably, Seychelles has led blockchain funding in Africa for six consecutive years.
“South Africa and Seychelles are among the six African markets where crypto is legal, and regulatory clarity is crucial for investment in blockchain startups,” said Brenton Naicker, principal and head of growth at CV VC.
Despite a general easing of crypto regulations across Africa, crypto remains banned in 12 countries, and 36 others have “uncertain” regulatory frameworks, according to the CV VC report.
Prominent Seychelles startups that raised funds in 2023 include Beldex, which secured $28 million, crypto exchange Bitget, which raised $10 million, and Scroll, which garnered $83 million. In South Africa, notable deals included Momint’s $2.7 million raise and NFTfi’s $18 million funding.
While Seychelles and South Africa dominate the scene, other markets, such as Nigeria, are gaining traction. In the first half of 2024, Nigerian startups raised $13 million from five deals, accounting for 38% of the total funding by African blockchain startups.
Among the Nigerian blockchain startups that secured funding are fiat-to-crypto exchange Zap Africa, which raised $300,000, and real estate tokenization startup Seso Global, which secured $720,000.
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