Report: Most Of The Capital Raises And Moves Towards ICOs Are Coming From South Africa

The blockchain and crypto community in Africa has been quite tight over the past couple of years. However, this didn’t stop many African businesses from raising funding in the market.

According to a new report issued by the company Weetracker, most of the capital raises and moves towards ICOs have exactly been in South Africa, Kenya and Zimbabwe. As the report notes, African fintech startups have been most attractive for funding during the first quarter of 2018.

The report also details that one of the largest crypto exchanges in Kenya, SureRemit, raised $7 million in an ICO during the first half of 2018, while South Africa’s The Sun Exchange launched a $5 million ICO.

When it comes to new and prosperous ICOs, the report outlines the Zimbabwean Golix which is moving ahead with plans to launch a $32 million ICO after the Reserve Bank of Zimbabwe decided to lift its ban on crypto businesses.

Aside from ICOs, Africa is on the verge of a new crypto revolution with more and more ATMs taking place all around the continent. Even though there is a growing interest for crypto, the report still notes that the past couple of weeks have been chaotic for cryptocurrencies (just like everywhere around the world), resulting in mixed fortunes for blockchain and virtual currencies in Africa.

As cited in the report:

“Globally, bitcoins and cryptocurrency have seen notable downfall with a scare of coming close to end, just like the dot-com crash. Last two weeks especially have been chaotic for the global markets as all the cryptocurrencies were trading at lower rates than preceding weeks.

Africa too has had its share of surprises in this sector in H1 2018, taking many tumultuous turns,”

Meanwhile, the global crypto markets are mostly concerned by the lack of trading volume which is definitely not a good sign of a market recovery in the short-term.