In the first half of 2024, African blockchain companies attracted external funding from venture investors in the amount of about $38 million. Compared to the same period in 2023, when funding for African blockchain projects reached $135.4 million, the investment volume decreased by 74%.
The researchers note that the decline in blockchain funding in Africa coincides with a global decline in venture capital investors’ interest in funding the industry. In the first half of 2024, the global blockchain investment market fell by more than 64% year-on-year, from $11 billion to $5.7 billion.
In terms of deals completed worldwide, blockchain startups were able to close only 678 deals with venture capitalists in the period under review, which is 49% less than in the first half of 2023, when 1,306 deals were completed.
Earlier this year, US crypto exchange Coinbase and Africa’s largest cryptocurrency platform Yellow Card announced a joint partnership and expansion of their services in Africa. Earlier, Yellow Card founder and CEO Chris Maurice said that crypto technologies are more in demand and prove their usefulness in African countries than in any other part of the world.
Source: Bits
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