NODO, Africa’s leading Web3 platform, is proud to have played a pivotal role as a research partner in the recently released third CV VC African Blockchain Report, produced in collaboration with Absa Group. This prestigious report sheds light on the transformative impact of blockchain technology across Africa, even amidst global economic pressures.

NODO’s team conducted an extensive analysis of the evolving regulatory landscape for cryptocurrency across Africa. The research highlights significant progress: previously, 36 countries had implicitly banned crypto, a number now reduced to just 8. Limited progress was seen in fully legalizing crypto due to concerns about fiscal control, prompting exploration of central bank digital currencies, though launches and traction remain limited. African currencies' devaluation in 2023 posed the most challenges to crypto legalization, with many governments fearing competition with local currencies. Over 36 African countries are now categorized as uncertain crypto markets, reflecting ongoing progress in regulation despite uncertainties.

The report focuses on deep analytics of blockchain venture funding figures in Africa, highlighting recently funded African projects building in Web3, and lists investors actively investing on the continent.

Some Key Findings from the Report:

Rising Prominence in Global Ventures: Africa's share of global blockchain deals increased slightly to 1.3% in 2023 and reached an all-time high of 1.8% in H1/2024.
Funding Trends: Despite a 64% decline in global blockchain funding in 2023, H1 2024 saw a mere 9% year-over-year decrease, suggesting a potential recovery. African blockchain businesses raised $34.7m across 12 deals. This represents a 9% increase in the number of deals compared to H1 2023.
Regulatory Advancements: With the number of countries implicitly banning crypto decreasing, there is a noticeable shift towards embracing blockchain technology, driven by evolving stances and the exploration of Central Bank Digital Currencies (CBDCs).

Shogo Ishida, Co-Founder and CEO of NODO, emphasized the significance of this collaboration:

"The CV VC Africa Blockchain Report, in collaboration with Absa Group, is an essential resource for understanding the dynamic blockchain landscape in Africa. Our team at NODO is honoured to contribute to this comprehensive report, providing an in-depth analysis of regulatory developments. This report is invaluable for those seeking to grasp the current state and future potential of blockchain in Africa."

Mathias Ruch, CEO of CV VC, in launching the 3rd edition of the CV VC African Blockchain Report, emphasized Africa's fervent embrace of blockchain as a catalytic technology. He noted,

“With 1.4 billion people, comprising nearly 18% of the global population, and just five out of 54 countries contributing 50% of the continent's GDP, there's an urgent need to rebalance and distribute resources. Africa's vast natural asset, its people, coupled with the growing recognition of Africans' technological ability, resilience, and spirit, positions blockchain as a pivotal tool to support socio-economic advancement, not just for Africa but as a solution to many of the ill winds blowing globally.”

Sowmya Raghavan, Co-Founder and Chief Operations Officer at NODO, added, "We are witnessing a pivotal moment for blockchain in Africa. The regulatory advancements detailed in this report indicate a growing blockchain ecosystem on the continent. NODO is pleased to have contributed significantly to this report, demonstrating our commitment to driving Web3 adoption locally."

The report underscores the versatility and competence of the NODO research team, and accurately represents the state of blockchain in Africa, the producer of the world’s next billion technology customers.

About NODO:

NODO is a multichain growth market community platform powered by Web3 SocialFi. With over 4.3 million site visits and 260,000 registered users across 14 countries, NODO stands as a cornerstone in the African blockchain ecosystem. Backed by major VCs like EMURGO Africa and strategic partners including Tether, Celo, and Avalanche, NODO continues to drive blockchain innovation and adoption across the continent.

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