In the latest report by CVVC Africa Blockchain funding, it has been revealed that blockchain businesses in Africa were able to raise $474 million in funding in 2022. This marks a year-on-year increase of 429%, with a total of 29 deals. The report further highlights that South Africa and Seychelles were responsible for more than 80% of the total funding, with Nigeria accounting for just 3.4%. Liberia, which had zero funding in 2021, saw a significant increase and emerged as the third-highest-ranked country in 2022 with 7.9% of the total funding.
The custody and exchanges category proved to be the best-performing one, raising over $250 million or more than 50% of the total. This is a testament to the growing demand for cryptocurrency trading in Africa and the recognition of the importance of secure storage solutions. However, the report notes that Nigeria and Egypt recorded a decrease in the value of funds raised, while other tracked countries recorded significant funding increases.