According to a report by the Africa Blockchain Report, Kenyan Blockchain start-ups raised $25.8 million (Sh3.5 billion) in new funding last year, demonstrating the continued growth of the country’s crypto market, despite a global slowdown in the industry. demonstrating
The report, published jointly by Crypto Valley and South Africa’s Standard Bank, also showed that funding for the sector across Africa increased five-fold from the previous year, hitting $474 million (Sh64.3 billion).
According to an article by Business Daily, Kenya accounted for 5.4% of the total continental funding, coming in fourth place behind Seychelles, South Africa and Liberia.
Nigeria, Cameroon and Ghana were also among the countries that obtained funding.
Nigeria led in terms of the number of deals, with nine, followed by Seychelles and South Africa with six apiece, and Kenya with four.
Managing director of Crypto Valley, Gideon Greaves said the trends were encouraging and indicative of exponential growth in the future.
Funding for African Blockchain ventures was primarily driven by significant rounds in the first and second quarters of the year, despite fluctuations throughout the year.
The sustained growth of the African Blockchain venture funding landscape indicates growing interest and confidence in the African Blockchain industry, according to the report.
In Kenya, Blockchain technology has primarily been successful in payment systems. One notable invention that has implemented the technology is Kotani Pay.
Other areas that blockchain can be used for include public equity, fixed income, and commodities trading.
In 2018, the Kenyan government called for applications from qualified individuals to explore how blockchain can be used to streamline government functions, especially in Lands, Health, and Treasury ministries to eliminate forgeries of titles, and secure disbursement of government finances to the intended recipients.