18 blockchain ecosystems driving Africa’s Web3 growth amid investor pullback
Funding to Africa’s Web3 and blockchain sector has declined over the past two years. In Nigeria, the continent’s most active market, the pullback stems from a mix of global shocks and local hurdles: the 2022 collapse of FTX, the Central Bank’s 2021 ban on crypto, and a wave of high-profile struggles, abrupt shutdowns, lack of exits, and troubled pivots at startups like Mara.
In response, global blockchain networks have stepped in to support early-stage founders through incubators and accelerators, go-to-market experience, and infrastructure access. These ecosystems have backed startups with $1 million in funding in the last two years, according to a Crypto Valley VC report, and are playing the long game to attract Web3 builders, capture users, lock in value, and drive transactions on their blockchain rails.
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18 blockchain ecosystems driving Africa’s Web3 growth amid investor pullback
Funding to Africa’s Web3 and blockchain sector has declined over the past two years. In Nigeria, the continent’s most active market, the pullback stems from a mix of global shocks and local hurdles: the 2022 collapse of FTX, the Central Bank’s 2021 ban on crypto, and a wave of high-profile struggles, abrupt shutdowns, lack of exits, and troubled pivots at startups like Mara. In response, global blockchain networks have stepped in to support early-stage founders through incubators and accelerators, go-to-market experience, and infrastructure access. These ecosystems have backed startups with $1 million in funding in the last two years, according to a Crypto Valley VC report, and are playing the long game to attract Web3 builders, capture users, lock in value, and drive transactions on their blockchain rails.
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