Web3 does not start and end with crypto, although that’s a critical part of it. The third iteration of the internet involves products, tools and services that are domiciled on blockchains, offering Africa the technology to leapfrog some of its native problems. While crypto is solving finance hassles, other applications of blockchain technology can offer respite to some of the continent’s core issues.

“We’re investing and accelerating blockchain startups that are solving pain points in the African economy,” said William Phelps, Venture Lead at Adaverse, on the panel with Shogo Ishida. “We also connect our portfolio companies to international investors which may not have had inroads into the continent,” he said. Speaking on the exciting solutions his team has backed in recent times, Phelped highlighted FonBnk, which bridges stablecoins to telco infrastructure and mobile money; Kotani Pay, which solves last mile payments by bridging crypto with USSD technology; and Momint, a South African upstart selling NFTs as tokens of real-life projects that can appreciate.

Yvonne Kagondu, co-founder of ICP Kushites, a regional body driving the adoption of the Internet Computer Protocol (ICP) in Kenya, was also present on the web3 panel. “Time and again, Africans have proven that when given the chance, they can lead the pack. Of the 25 ICP hubs globally, East Africa represents the second largest contributor to the network. We are building a network that is spinning out innovative solutions on the continent,” she said.

Africa is primed for web3 adoption. The continent’s communal structure and inherent problems are well-suited for blockchain-based solutions. A continent comprised mostly of young people, many of whom are fiercely embracing crypto, the future of technology in the continent can only be imagined as decentralised. This is a picture the existing data paints, a picture so clearly depicted as stakeholders gathered last week at Sarit Expo, the Nairobi mall that welcomed the world of African tech.

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