The newly released African Blockchain Report provides an in-depth analysis of the blockchain funding landscape in Africa. This report presents insights into the diverse blockchain ecosystem across the continent. It is published by CV VC and Absa Corporate and Investment Banking. The report is detailed and also includes regulatory perspectives and expert articles from industry leaders active in the region.
Bitget Among Top Funded Blockchain Companies in H1 2024
The African Blockchain Report highlights prominent companies such as Bitget, which is involved in the blockchain industry. Bitget has been recognized as one of Africa’s unicorns in this latest African Blockchain Report. Bitget is also included in the list of funded blockchain companies for the first half of 2024.
Some findings from the report highlighted Africa’s market share of blockchain deals rising to a record high of 1.8% in first half of 2024. With funding declining by 72% year on year and deals down by 45% year on year, Africa’s blockchain firms were able to raise $34.7 million across 12 deals, an increase of 9% year on year. Interestingly, in Africa, blockchain funding stood at 6.4% of all venture funding and 12.5% of total deals, which is higher than the global average.
Africa’s Share of Global Blockchain Funding Reaches 1.8% in H1 2024
By the first half of 2024, the continent’s take of the global blockchain venture funding had risen to 1.8 % of total funding. African blockchain businesses secured $34.12 across 7 deals totaling $165 million, an increase in the number of deals by 9% but a decrease in the total funding by 70% compared to the same period in 2023. The average investment raised by African blockchain venture funding in the first half of 2024 was $2.2 million with the average deal size of $2.9 million.
With regards to the global trends, the blockchain venture activity in Africa is a significantly greater portion of the overall venture funding and the number of deals in the region. In Africa, blockchain venture funding stood at 6.4% of all venture funding and 12.5% of total deals, which is a record-high deal share. Worldwide, blockchain funding constitutes just 3. 5% of all venture financing and 5. 9% of total deals.
Scroll Secures $50M in Latest Funding Round
The report also captures major funding values, such as Scroll, which has $50,000,000 in its funding round. Whereas in mentions country-specific funding: Kenya for example secured $300,000 while Nigeria was given $13,003,000. It also points to a high percentage of funding that still resides in Early Stage VC at 50%, Seed Round at 33.3% and Accelerator/Incubator at 16.7%.
Bitget’s activity and influence are evidenced by a daily trading volume of more than $10 billion with over 20 million registered users from around the world. Such level of trading activities evidences the high level of traffic available on this trading platform and trust and confidence developed by the crypto traders.
