Blockchain funding in Africa stands at $91m - EMURGO report - The Sun Nigeria [Advance Cash ]

Blockchain Funding In Africa Stands At $91M - Emurgo Report - The Sun Nigeria

…Nigeria Among Top 10 in the World for Crypto Adoption

By Chinenye Anuforo [email protected]

blockchain funding soared 1,668% in 2022 from the previous year, racking up a total of US$91 million in countries including Kenya, South Africa and Nigeria. This heralds Africa's budding presence in the global blockchain arena.

EMURGO Africa, in partnership with PwC, has unveiled the “State of Web3.0 in Africa” report, a publication that provides an in-depth and insightful analysis of the emerging influence of blockchain and Web3.0 technologies in Africa, the Middle East and North Africa (MENA).

Unveiling compelling statistics, the report shed light on the rise of blockchain investment in Africa.

Illustrating the impressive progress and latent potential of blockchain and Web3.0 technologies across Africa, the report paints a picture of Kenya's leading role in blockchain adoption and digital innovation. He showcased Kenya's rapid growth in implementing blockchain solutions that are driving economic development in East Africa. In South Africa, the report indicates the growing adoption of Web3.0 and blockchain technologies that are revolutionizing industries via secure and transparent data management in Southern Africa. It also highlights Nigeria's high ranking position in the global top 10 for crypto adoption, highlighting the country's role in promoting financial inclusion and encouraging innovation in the crypto industry. digital currency in West Africa. These findings underscore the transformative effect of blockchain and Web3.0 technologies in Kenya, South Africa and Nigeria, establishing them as major contributors to the digital revolution unfolding in Africa.

The MENA region, simultaneously, has been identified as the fastest growing crypto market from 2021 to 2022, leading the digital revolution among crypto users, regulators, and investors.

On the global stage, crypto regulation is evolving, with 40% of the 35 countries surveyed having instituted regulatory frameworks, 34% actively developing them, and just 9% enforcing outright bans on cryptocurrencies.

Despite the fact that Africa has so far only received 0.5% of global blockchain funding, the continent's commitment to Web3.0 technologies and digital currencies is set to recalibrate its landscape. technological and financial, paving the way for unprecedented financial inclusion and innovation.

Weakening local currencies coupled with fragile economic backdrops have created growing demand for US dollar-pegged stablecoins on the continent, as consumers protect the value of their assets from plummeting and SME owners seek cheaper and more efficient means of payment. This development testifies to the growing adoption of digital currencies and blockchain technology as practical solutions in economically unstable environments.

Ahmed M Amer, CEO of EMURGO Africa, said in a statement: “Web3.0 technologies are already redefining the African digital landscape, providing innovative solutions to long-standing challenges and empowering individuals and communities across the continent. This report presents an in-depth exploration of the potential of these technologies to drive positive change, while highlighting the importance of fostering a collaborative environment between stakeholders, policy makers and regulators to unlock the full potential of Web3.0.

The compilation of the “State of Web3.0 in Africa” report marks an important milestone, paving the way for understanding the opportunities, challenges and potential of blockchain and Web3.0 in Africa and the MENA region. It is an invaluable resource for industry leaders, policy makers, innovators and all interested parties, offering profound implications for the future of these regions beyond mere statistics.

With 20% of countries in Sub-Saharan Africa currently banning crypto-assets and data protection laws having been established in countries like Kenya, Nigeria, Egypt and South Africa, the report emphasizes the importance of a balanced regulatory approach to safeguard the privacy and protection of individuals.

Finally, the report accentuates the imminent impact of the metaverse on businesses. According to PwC's Metaverse survey, an overwhelming 82% of executives plan to integrate the Metaverse into their business operations within the next three years.