Cryptocurrencies are experiencing significant growth in Africa, sparking interest in several initiatives leveraging blockchain technology to address major challenges facing the continent. In this article, we will present five promising crypto initiatives in Africa.
Before diving into the details of these initiatives, it is important to clarify that the selection of the projects presented in this article was based on their funding. We have identified the five cryptocurrency initiatives that have raised the most money since their inception based on information from the Startups List Africa website. This approach allows us to highlight the most promising initiatives in terms of financial support and growth potential in cryptocurrencies in Africa.
H20 Securities: Advancing Better Water Management in Africa with Blockchain
H2O Securities is a South African startup founded in 2021 that focuses on better water management using blockchain technology. In May 2022, she successfully raised $150 million from GEM Digital.
Its main objective is to combat water scarcity by increasing the deployment of water treatment equipment. With this in mind, H2O Securities has created a revolutionary token in cryptocurrency formats called H2ON.
VALR: a popular cryptocurrency exchange in South Africa
VALR is a South African initiative specializing in cryptocurrency trading. Since its launch in 2018, it has seen remarkable growth and succeeded in raising significant funds. In January 2022, it achieved the largest fundraising ever for an African cryptocurrency trading company with $50 million.
VALR acts as a cryptocurrency exchange that allows users to buy, sell and store various cryptocurrencies. It has more than 250,000 individual clients and 500 institutional clients, mainly in South Africa.
Jambo: Africa’s WeChat
Jambo is a startup based in the Democratic Republic of Congo with the ambition to create a user acquisition portal for web3 in Africa that facilitates access to learning, gaming and monetization based on cryptocurrencies. In February 2022, the startup managed to raise $7.5 million in an initial fundraising round.
In May 2022, Jambo closed a $30 million Series A fundraising round led by Paradigm, marking the investment giant’s first investment in an African company. Founded by siblings James and Alice Zhang, Jambo aspires to be Africa’s “super app”, like China’s WeChat.
“We hope to become Africa’s super app, similar to what WeChat has achieved in China over the past decade,” said James Zhang.
OWS: Blending blockchain and solar energy
OneWattSolar (OWS) is an initiative dedicated to providing renewable energy in sub-Saharan Africa using blockchain technology. In June 2021, the startup issued a 10 billion yen (about $24.33 million) bond to support its business. Thanks to its FinTech technology platform, OneWattSolar intends to offer a tokenized digital electricity solution available 24/7.
Its main objective is to democratize access to electricity for more than a billion people not served by traditional electricity networks in Africa, using blockchain technology to ensure transparency and trust. With its innovative model, OneWattSolar has great prospects to play a decisive role in providing clean and sustainable energy in sub-Saharan Africa.
Bitpesa: Africa’s Remitly cryptocurrencies
BitPesa is a fintech offering blockchain-based solutions for cross-border payments and money transfers in Africa. Founded in 2013, its head office is located in Nairobi, Kenya.
The company has expanded its services to several African countries including Nigeria, Ghana, Tanzania and Uganda among others. BitPesa aims to promote financial inclusion and facilitate economic growth by enabling seamless cross-border transactions and improving access to financial services in Africa.
As for funding, BitPesa has managed to raise a total of $21.8 million in eight funding rounds. Its first fundraising was on August 19, 2014, while its most recent fundraising was a Series B on December 5, 2019, raising $6.26 million in investment.
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