Grace Ashiru
Seychelles has positioned itself as the top destination for blockchain investment in Africa, leading the continent in total funding secured by blockchain ventures.
The latest African Blockchain Report by CV VC reveals that Seychelles attracted 31% of all blockchain funding across the continent, amounting to $38.35 million. South Africa came next with $24.25 million (18%), followed by Nigeria at $18.85 million (15%) and Kenya with $5 million (4%).
Seychelles has maintained a leading position in blockchain funding across Africa since the inception of the report four years ago. This dominance is notable, especially considering the country does not rank highly in terms of crypto adoption or the total volume of cryptocurrency received on the continent.
However, Seychelles’ lead has diminished over time. In 2022, it attracted $209 million, making up 43% of Africa’s total blockchain funding. By 2023, that figure had dropped to $89 million, though it still represented 46% of all funding on the continent.
In contrast, Nigeria despite receiving nearly $60 billion in cryptocurrencies between 2022 and 2023 and being globally recognised for its strong crypto adoption secured just $15.9 million in 2022 and $1.5 million in blockchain funding in 2023.
Interestingly, Nigeria now tops the continent in deal volume, securing 10 blockchain funding deals, 33% of all recorded in Africa. Seychelles comes next with eight deals, making up 31% of the total.
Some of the standout blockchain funding rounds in Africa include Yellow Card’s $33 million Series C, Zone’s $8.5 million pre-seed round, and Juicyway’s $3 million capital raise.
Blockchain funding across Africa has shown significant volatility. It hit $89 million in 2021, soared to $474 million in 2022, then dropped sharply to $190.7 million in 2023 and further declined to $122.45 million in 2024.
At present, Africa represents only 1% of global blockchain funding. This modest share reflects the continent’s still-nascent blockchain sector, which is primarily driven by centralised financial services like crypto exchanges and cross-border payment platforms.
In 2024, 40% of all blockchain funding in Africa was directed toward centralised financial service providers. The African Blockchain Report notes that sectors like blockchain infrastructure networks received no funding that year—though this is contested, as some observers classify Zone as a blockchain infrastructure company.
Despite these challenges, Jarryd Kennedy, Head of Investments at CV VC Africa, remains optimistic about the continent’s long-term potential in the blockchain space.
“Blockchain technology is uniquely positioned to tackle specific challenges across Africa, and local founders are leading by example—demonstrating how blockchain can provide practical, real-world solutions.”
