Blockchain venture funding in Africa falls 74% half year, 2024

Africa saw a significant decline in blockchain venture funding in the first half of 2024, with investments plummeting by 74 percent compared to the same period in 2023.

A recent report by Swiss blockchain venture capital firm CV VC, released on July 16 and cited by DMR News, documented the downturn.

According to the report, African blockchain ventures secured only $34.7 million in funding during the first half of 2024, a sharp decline from the $135.4 million recorded in the same period last year.

Despite the reduction in funding volume, the number of deals increased by 9% year-on-year.

This suggested a growing interest and activity in the blockchain sector, even amid challenging global economic conditions.

The first half of 2024 has been particularly tough for blockchain ventures in Africa, reflecting broader economic trends worldwide.

However, the increase in the number of deals indicates that Africa may still played a crucial role in the future of blockchain technology.

As stakeholders navigate these turbulent times, the lessons learned and strategies adapted could pave the way for a resurgence in blockchain investments and innovations across the continent.

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