What Africa’s 2024 blockchain funding says about investor priorities
- Africa's blockchain funding dropped to $122.5 million in 2024, a 36% decrease from 2023.
- Seychelles attracted $38.85 million in blockchain funding, despite a 56% decline from the previous year.
- Nigeria's blockchain startups raised $18.86 million in 2024, a significant increase from $1.57 million in 2023.
The decline in funding for Africa's blockchain sector raises concerns about the region's ability to develop essential infrastructure and innovative solutions. While consumer-facing products are gaining traction, the lack of investment in foundational technologies could hinder long-term growth and competitiveness on a global scale. A balanced approach that nurtures both consumer applications and infrastructure development is crucial for sustainable progress.
