Crypto, blockchain and Web3 are emerging technologies that are seeing rapid adoption all over the world, and Africa is no exception. According to the latest CV VC Report, African blockchain startups raised $474 million in 2022, up 429% from the year before. It also saw its first two crypto unicorns emerge in KuCoin and Scoll. Crypto usage in Africa is driven primarily by necessity, due to the continent’s depreciating currencies, high rate of inflation, and underdeveloped financial infrastructure.
The blockchain industry has made moves to cement itself in Africa’s crypto scene. Ethereum Foundation’s commitment to establish a crypto insurance scheme that will cater to more than six million farmers in Kenya, the Stellar Development Foundation’s Europe-to-Africa remittance corridors that leverage cryptocurrency payments, and Cardano’s African commercial venture EMURGO are a few examples.
Leading establishment figures in Ghana are showing interest in blockchain too. His Royal Majesty Osagyefuo Amoatia Ofori Panin II, a tribal king in the country’s eastern region, invited the founder of Turkish blockchain infrastructure platform Metatime to discuss how blockchain and digitization can help to transform its economy.
African governments have made moves to open up their economies to the potential of crypto too. Nigeria announced it has approved an official national policy for blockchain, and South Africa is participating in a multi-CBDC experiment called Project Dunbar, among others.
It’s clear that Web3 and crypto can have a massive impact in Africa, providing financial stability and security to millions of unbanked and underbanked individuals across the continent. It’s exciting to see both the pace of innovation and the incredible positivity towards the technology. Web3 has a very bright future all over the world, but especially in Africa.
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