24/09/2024
What factors are hindering investments in , and how has this affected adoption?
An article on Coingeek reported Blockchain investments in Africa have faced a sharp decline, with venture funding dropping from 1.6% to 0.6%, and blockchain-specific funding decreasing by 70% to $34.7 million year-over-year. This mirrors global trends, where blockchain funding has reduced by 64%. Key factors hindering investments include regulatory uncertainties, limited infrastructure, and a need for improved , which create a cautious climate across the continent.
Nevertheless, Lorien Gamaroff CEO of Centbee, highlighted the potential for blockchain adoption in Africa, stating, “Africa’s vast remittance market, agriculture sector, and need for transparent identity governance present significant opportunities for blockchain adoption.” While payment solutions remain the most popular use of blockchain, interest is growing in areas like digital identity and . However, regulatory clarity is essential, as only six African countries have clear legal frameworks for digital assets, while many others remain uncertain or restrictive.
Click here to read the whole article https://coingeek.com/africa-blockchain-funding-dips-but-adoption-unfazed/
