Last Updated on 7 mins by John Piper

According to a recent report, crypto usage on the continent is continuing to grow.

According to Crypto Valley VC’s African Blockchain Report 2022 research, a total amount of $474 millions was raised as funding for African Blockchain firms. This represents a staggering 429% increase compared to the previous year. In 2021, African Blockchain venture firms will receive $90 million.

The African crypto-funding increase dwarfs that of the global increase

Africa’s fundraising is dwarfed by the global growth of 4% for blockchain. The 34% growth in blockchain venture funding was also dwarfed by general growth for African venture financing. Although African venture capital only represents 1.77% in the global blockchain venture financing, it is growing rapidly as more and more companies are looking to Africa for the crypto-blockchain industry.

Seychelles, and South Africa are two of the major players in the blockchain industry. Together, the two countries accounted for 81% of all blockchain venture capital funding. Seychelles raised $208 million, while South Africa raised $177 millions in 2022. Crypto Valley VC reported that the number of African Blockchain deals made during the period increased from 26 up to 29. In the United States, 137 blockchain deals were made during the year. Asia saw 84 deals, and Europe saw 78.

A significant increase in funding for blockchain, combined with the relatively small number of blockchain transactions that are taking place, indicates that businesses receive more funding. This could indicate that more VCs and investors are looking for ways to invest more money in blockchain companies located in Africa.

Seychelles received the largest amount of funding, but Nigeria has currently the highest number of blockchain startups on its soil which have received funding since 2022. South Africa was followed by Nigeria, Seychelles, and Kenya.

The article African blockchain funding explodes at nearly 430% first appeared on Coin Insider.