This article in Rest of World looks at the decline of crypto in Africa in the aftermath of the FTX collapse. The author quotes reports that talked of the “tens of millions of Africans who bought into the cryptocurrency frenzy over the last few years” and how “[b]lockchain startups and businesses on the continent raised $474 million in 2022, a 429% increase from the previous year.”
Now, however, “crypto-related startups across the African continent have been struggling to survive.”
Regulatory pushbacks have been seen around the world, including by African governments. But “[s]ome industry stakeholders believe crypto is too important to just be a bubble in Africa, and that the current troubles aren’t unique to this industry. Some industry insiders claim that “several African crypto startups still seem to be doing well, and that stablecoins are a great alternative to Africa’s cross-border remittance restrictions.”
Read the full report here.
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