Seychelles has emerged as the undisputed leader in terms of funding for African blockchain businesses.
According to the latest African Blockchain Report by CV VC, the country received 31% ($38.35 million) of all blockchain funding on the continent. Following closely are South Africa with 18% ($24.25 million), Nigeria with 15% ($18.85 million), and Kenya with 4% ($5 million).
Seychelles has consistently dominated blockchain funding in Africa since the report was first introduced four years ago. However, this is surprising given that the country does not rank among the top African nations for crypto adoption or the volume of cryptocurrency received.
That said, Seychelles’ dominance has declined over time. In 2022, it received $209 million, representing 43% of all African blockchain funding. In 2023, this dropped to $89 million, although it still accounted for 46% of the total funding.
In contrast, Nigeria—which received nearly $60 billion in cryptocurrencies between 2022 and 2023 and is recognised globally for its high crypto adoption—secured only $15.9 million and $1.5 million in blockchain funding during those years, respectively.
Interestingly, Nigeria now leads the continent in terms of deal volume. It recorded 10 blockchain funding deals, the highest in Africa, accounting for 33% of all deals. Seychelles followed with eight deals, representing 31%.
Some of the notable blockchain funding rounds on the continent include Yellow Card’s $33 million Series C, Zone’s $8.5 million pre-seed, and Juicyway’s $3 million raise.
However, blockchain funding across Africa has been inconsistent. After reaching $89 million in 2021, funding surged to $474 million in 2022, before sharply declining to $190.7 million in 2023 and $122.45 million in 2024.
Currently, Africa accounts for just 1% of global blockchain funding. This limited share is largely due to the continent’s relatively small blockchain industry, which is dominated by centralised financial services such as crypto exchanges and cross-border crypto payment platforms.
In 2024, 40% of all African blockchain funding went to these types of companies. According to the African Blockchain Report, sectors such as blockchain infrastructure networks received zero funding, although this figure is debatable, as Zone is considered by many to be a blockchain network.
Despite these challenges, Jarryd Kennedy, Head of Investments at CV VC Africa, remains optimistic:
“Blockchain technology is uniquely suited to solving niche African problems, and African founders are showing the world how blockchain addresses real-world challenges.”
