Seychelles Emerges as Leading Blockchain Investment Destination in Africa
Seychelles has solidified its position as the top destination for blockchain investment in Africa, outpacing other African countries in total funding secured by blockchain ventures.
According to the latest African Blockchain Report by CV VC, Seychelles attracted a significant 31% of all blockchain funding across the continent, totaling $38.35 million. Following Seychelles is South Africa with $24.25 million (18%), Nigeria with $18.85 million (15%), and Kenya with $5 million (4%).
Despite not ranking high in terms of crypto adoption or the total volume of cryptocurrency received on the continent, Seychelles has consistently maintained its lead in blockchain funding across Africa over the past few years. However, the country’s dominance has slightly decreased over time. In 2022, Seychelles secured $209 million, accounting for 43% of Africa’s total blockchain funding. By 2023, this figure dropped to $89 million, still representing 46% of all funding on the continent.
In contrast, Nigeria, known for its strong crypto adoption and receiving nearly $60 billion in cryptocurrencies between 2022 and 2023, only secured $15.9 million in 2022 and $1.5 million in blockchain funding in 2023. Despite this, Nigeria now leads the continent in deal volume, securing 10 blockchain funding deals, which make up 33% of all deals recorded in Africa. Seychelles follows closely with eight deals, representing 31% of the total.
Some notable 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. However, blockchain funding across Africa has experienced significant volatility, reaching $89 million in 2021, soaring to $474 million in 2022, then dropping sharply to $190.7 million in 2023 and further declining to $122.45 million in 2024.
Currently, Africa only accounts for 1% of global blockchain funding, highlighting the continent’s still-emerging blockchain sector, primarily driven by centralized financial services like crypto exchanges and cross-border payment platforms. In 2024, 40% of all blockchain funding in Africa was directed towards centralized financial service providers, with sectors like blockchain infrastructure networks receiving no funding, although some classify Zone as a blockchain infrastructure company.
Despite these challenges, Jarryd Kennedy, Head of Investments at CV VC Africa, remains optimistic about Africa’s long-term potential in the blockchain space. He believes that blockchain technology can address specific challenges across the continent, with local founders leading by example in demonstrating how blockchain can offer practical, real-world solutions.
In conclusion, Seychelles continues to shine as a beacon for blockchain investment in Africa, showcasing the continent’s growing interest and potential in the blockchain space.
