African tech startups raised $725 million in 2018 according to one report, with Nigeria, South Africa and Kenya leading the pack respectively. The biggest challenge for blockchain startups is connecting with investors who are interested in the industry, according to Angus Brown, the co-founder of Johannesburg, South Africa-based crypto wallet Centbee. And with many African governments condemning cryptos, local investors are wary of investing in such startups.
In Africa, ICOs helped break the barrier to funding and crypto startups could see the light at the end of the tunnel. The largest ICO in Africa has been by Golix, a crypto exchange based in Zimbabwe, serving eight other African countries including Uganda, Nigeria and Kenya. While the current odds may seem stacked against crypto and blockchain startups, the future is bright for the continent.