Strategic investment: VCs are missing out on Africa’s blockchain boom
The post Strategic investment: VCs are missing out on Africa’s blockchain boom appeared on BitcoinEthereumNews.com.
Disclosure: The views and opinions expressed here belong solely to the author and do not represent the views and opinions of crypto.news’ editorial. As crypto continues to transition from a niche interest to an important financial tool, we’re starting to see the potential for how it could help reshape traditional global economic hierarchies. Tensions are running high, and tectonic shifts are already underway as we see the world’s great superpowers vie for security, prosperity, and influence. From sanctions, seizures, and the general weaponization of financial infrastructure to the legalization of Bitcoin (BTC) and the acceptance of crypto for global trade settlement, the world’s financial system is changing as we speak, and it will never be the same again. As is often the case, amidst such socio-economic unrest and uncertainty, there is the opportunity to create something new. El Salvador’s adoption of Bitcoin as legal tender is the clearest example of this, but even in China’s Greater Bay area, under the banner of web3, we’re seeing the emergence of a new financial paradigm. Interestingly, while equally impactful transformations are happening across the African continent, the world is barely paying attention. As a case in point, in terms of attracting venture capital, Africa’s share of global blockchain venture funding was just 1.3% in 2023 and only 0.6% during the first half of 2024. By contrast, the US—where it reins Wells notices—secured a whopping 47% of the global blockchain VC pie. Of course, the size of economies should be factored in here, but with African nations representing roughly 3% of global GDP and the US around 25%, the picture of under-investment in Africa remains true. As sound regulatory frameworks continue to develop across the continent, should Africa be at the top of the list for VCs seeking to capitalize on the long-term blockchain…
Filed under: News - @ September 20, 2024 11:24 am