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A recent research from CV VC, shows that amongst the top eight African countries that attracted 100% of blockchain funds, Seychelles and South Africa topped the list.

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Seychelles attracted 43.5% of all blockchain funds raised in Africa in 2022. This was done in 6 deals to the tune of $208,039,500. In 2021, the figure was down to 32.7%, 3 deals, and $29,300,000. The major firms in this country are Kucoin and Scroll which raised $160 million and $30 million respectively in 2022.

Seychelles has taken steps to attract blockchain businesses to the country, such as launching a regulatory framework and establishing a blockchain research lab. These initiatives have made the country an attractive destination for blockchain businesses, such as BitMEX and Steemit.

In 2022, South Africa second to Seychelles raised 37.3% of all blockchain funds generated in Africa. This was done in 6 deals like Seychelles and amounted to $176 million. Back in 2021, they got 13.8%, from 4 deals, valued at $12 million. MFS Africa and VALR are the two top organizations in the nation that attracted $100 million and $50 million respectively in 2022.

Also Read: Metaverse Projects And Blockchain Games Raised Combined $1.3 Billion In Q3 2022: DappRadar Reports.

Liberia sits in the third position on this list. In 2022, the country secured 7.9% of all blockchain funds from 2 deals valued at $37.5 million. Jambo is the major blockchain firm in Liberia. On the other hand, Liberia had no blockchain funds in the previous year. Liberia has shown an increasing interest in cryptocurrency and blockchain technology.

Following Liberia is Kenya, which is already tagged as one of the largest tech hubs in Africa. Kenya attracted 5.4% of all blockchain funds in Africa for 2022 from 4 deals valued at $25.7 million which is also lower than what it got in 2021 – 23.2%, 2 deals, and $20.8 million.

Kenya has seen a growing interest in cryptocurrencies, but the Central Bank of Kenya has not yet issued regulations. Kenya has several exchanges and startups, and the Kenyan government is exploring the potential use of blockchain technology. 

In 2022, Nigeria got 3.4% of all blockchain funds raised in Africa. The 3.4% was realized from 9 deals and pegged at $15.9 million. In 2021, Nigeria had the second highest after Seychelles at 27.6%, 13 deals, and $24.6 million. Bitnob, Canza Finance, and Stakefair are some of the Nigerian-based blockchain firms that raised huge amounts in 2022.

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