Over 25 million Nigerians hold crypto assets, yet Web3 startups are underfunded. Why?
Over 25 million Nigerians are adopting digital currencies, particularly stablecoins like USDT. Nigerian Web3 startups raised only $20 million in 2024, a decline from $22 million in 2023.
Kenya partners with Canadian companies to create a blockchain-powered digital exchange
Nairobi Securities Exchange (NSE) announces partnership with DeFi Technologies, SovFi, and Valour Inc. to launch the Kenya Digital Exchange (KDX). KDX will be a regulated platform for tokenizing real-world assets, including equities, debt, funds, and commodities.
Zone wants to create an Ethereum blockchain where government-backed regulators have oversight
Zone aims to create a regulated blockchain network that allows financial institutions to facilitate payments without third-party involvement. The proposed blockchain would enable regulators to monitor transactions in real-time, embedding compliance into the network's operations.
Ifunanya Anamelechi, Zone’s VP of Legal, to teach business leaders how to win with regulation at Lagos Startup Expo 2.0
Nigeria's startup ecosystem has faced account opening freezes and license revocations due to regulatory non-compliance. Businesses ignoring regulations risk multi-million naira fines and forced shutdowns.
“Regulated blockchain is the next step of evolution in financial services” — Zone’s Obi Emetarom
Mohammed Idris published an opinion piece on Cointelegraph advocating for blockchain technology in Nigeria. Nigeria launched the eNaira, Africa's first Central Bank Digital Currency, in 2021.
