TL;DR,

• African blockchain venture funding reached $34.7 million across 12 startup deals in 2024, with the continent outpacing global markets by accounting for 6.4% of all venture funding and 12.5% of total deals.
• Nigeria and Seychelles dominated the African blockchain investment landscape with 10 combined deals, while success stories like Scroll’s $50 million raise and Beldex’s $28 million funding.
• Global crypto giants including Bybit, Tether, and the Hashgraph Association are forging strategic African partnerships to expand blockchain adoption.

When adoption meets utility, creativity and desire, the continent attracted $34.7 million in blockchain venture funding throughout the year.

The CVVC African Blockchain report breaks down how 12 startups impressed investors and secured web3 funding. The report also dissects how DeFi in Africa goes beyond the consumer narrative, building localized solutions tailored best for Africa.

African Blockchain Startups Secure $34.7 Million Across 12 Deals in 2024

Blockchain has become a steady component in the tech world. What started as a mere digital asset has expanded into multiple industries, overhauling existing ones while creating fresh ones.

Amid this new era, Africa has stolen the spotlight more than once. Countries like Nigeria, Kenya, South Africa, and Morocco were the pioneers of DeFi in Africa, with a substantial number opting for digital assets to survive.

This later grew, inspiring some countries like Tanzania, Zambia, Ghana, and the Seychelles to participate in the continent’s Web3 journey. As a result, numerous Web3 startups have emerged in the past two decades, further propelling Africa’s blockchain adoption rate.

RELATED: Two Nations Dominate Continental Blockchain Venture Capital Funding

Organizations like Flutterwave, Luno, BitPesa, and BitcoinDADA have inspired many entrepreneurs to pursue DeFi in Africa.

Furthermore, several innovators branched from the growing fintech and DeFi industries, introducing solution-specific tools for local markets. With this surge in promising activity in Africa, many investors have lined up, hoping to be part of Africa’s next big thing.

According to the CV VC African Blockchain Report, a breakdown of blockchain adoption in Africa elaborates on how local innovation captured global crypto investment trends.

Africa Outpaces Global Markets: Blockchain Venture Funding Reaches 6.4%

One of the report’s most notable findings is that blockchain venture funding in Africa accounts for 6.4% of all venture funding and 12.5% of total deals.

Developers and entrepreneurs have taken it a step further, outpacing global readings where crypto investment trends only comprise 3.5% and 5.9% of all deals. The continent needs better systems, and young entrepreneurs are focused on providing such solutions.

Why Africa is Leading the Way

Several factors contribute to Africa’s leading position.

The CVVC African Blockcain reports notes down several reasons why the continent dominates the space.

• Rapid Digital Adoption: Traditional technologies simply don’t accommodate local market dilemmas, prompting many countries to seek alternative means.
• Growing Entrepreneurial Ecosystem: Africa currently represents the world’s leading entrepreneurship space, with many youths foregoing the 9-5 standard jobs. Simply put, they’ve discovered that to get true wealth, one must build
• Supportive Regulatory Environment: Nations like South Africa, Seychelles, and Mauritius have taken positive steps to regulate their environment. This trend has fostered other nations like Kenya, Tanzania, and Nigeria to dive into researching this trend.

Nigeria and Seychelles Dominate with 10 Blockchain Deals Combined

Out of the 12 deals, Nigeria and Seychelles secured 5 deals with countries like Egypt, Kenya and South Africa, followed by one each.

Nigeria, being Africa’s premier hub for blockchain developers, has a knack for producing success stories when it comes to Web3. The focus areas of these investments include centralized financial services, DeFi, blockchain networking, and NFTs.

Spotlight on Africa’s Blockchain Success Stories

• Scroll: Raised $50 million and became Africa’s most recent blockchain unicorn.
• Beldex secured $28 million in funding.
• Carry1st: Raised $27 million to enhance its gaming and digital content platform.
• Seedify and Bitget: Each raised $10 million, focusing on DeFi and crypto exchange services.

Global Crypto Giants Forge Strategic African Partnerships

A few ventures recognize and actively build blockchain adoption in Africa. The continent lacks a standard Layer 1 ecosystem, forcing many to look for global platforms. This need created the perfect marketing gap these entities require to swoop in.

• Bybit has partnered with local companies like Ovex and Yellow Card to expand crypto trading.
• Zarp Stablecoin, Lisk, Tether, and the Hashgraph Association are actively promoting blockchain projects and education.

Noteworthy Initiatives

• The Hashgraph Association collaborated with DAR Blockchain in Tunis to nurture and grow Web3 talent.
• During GITEX 2024, the Association signed partnerships in Morocco to enhance citizen services using DLT and Web3 technologies.

Deal Sizes Double to $2.2 Million Despite Overall VC Slowdown.

When comparing the data with 2023, a clear downward trend in web3 funding is echoed. In H1 2024, the continent’s global blockchain venture funding decreased to 0.6%.In more ways than one, it acts as a clear-cut line separating the great and the one-hit wonders.

RELATED: South African Fintech Startups to Watch in 2025: Cutting-Edge Payment Solutions for SMEs and Beyond.

Good news still looms with the average deal size rising to $2.2 million, up from $1 million in 2023. Additionally, unicorn names ike Scroll, Kucoin and Bitget showcase a likely comeback within crypto investment trends

For tech investors, Web3 analysts, and blockchain startups, now is the time to explore Africa’s opportunities.