Africa’s global share of blockchain deals hits ATH of 1.8% in H1 2024

CV VC’s African Blockchain Report shows Africa’s share of the year-on-year (YoY) global blockchain venture funding rose to 1.3% in 2023. The report further unveiled growing confidence and interest in the continent’s ventures as it’s global share of blockchain deals increased to an all-time high of 1.8% in H1 2024.

Also Read: African crypto market is growing under Solana’s influence  

The report revealed that Africa secured $545 million in blockchain venture capital from 96 deals during the first half of 2024. The CV VC data showed that the continent’s share of global venture funding in H1 2024 had reached 0.33%, a drop from an all-time high of 0.62% in the first half of 2023. The data also confirmed a 0.83% share of global venture deals in H1 2024 compared to 1.08% in 2023.

Africa’s interest in Web3 and blockchain development is on the rise

The CV VC data unveiled that Africa’s global share of blockchain deals in H1 2024 increased to an all-time high of 1.8% while funding dipped to 0.6%. Notably, blockchain businesses in Africa raised $34.7 million (-74%) across 12 deals (+9%) during the first half of 2024, according to CV VC’s data. 

Statistics from the CV VC report showed that the median deal size was $2.2 million in H1 of 2024, which was 8% above the global median. 

The report confirmed that blockchain venture funding in the continent accounted for 6.4% of the total venture funding within the continent and 12.5% of the total deal share. The higher percentages of Africa’s blockchain venture activities pointed to a greater focus on regional blockchain solutions.  

“These dynamics highlight the volatility within the African blockchain funding environment and its alignment with global venture capital trends.”

– CV VC

The CV VC data revealed that Africa’s role had been impactful in the global market, and it exhibited potential for future growth and resilience.

The African blockchain landscape evolves as the continent embraces the future

The CV VC report recognized Africa’s opportunities for the ever-evolving blockchain global community. According to the report, the continent’s economic growth often paralleled the adoption of blockchain technology. Compared to the stagnant levels exhibited in the U.S., the CV VC findings uncovered that the continent’s funding growth was the highest in the world. 

Another study by Consensys reported a high crypto awareness in Nigeria, with 99% of the respondents affirming that they were familiar with cryptocurrencies, while 70% clearly understood blockchain technology.

“Countries like Nigeria, South Africa and Kenya have turned to cryptocurrencies amid economic instability, demonstrating the immense potential for innovation and practical applications of blockchain technology.”

– Adrien Geneste – Head of Marketing Lisk

According to the CV VC report, many Africans were aware of cryptocurrencies, and many view crypto as the future of money rather than just speculative assets. The report suggested that the continent’s deep knowledge of crypto would likely enable it to empower people globally while reshaping financial systems.