Bitget Ascends in African Blockchain Rankings for H1 2024

The African Blockchain Report casts a spotlight on eminent blockchain enterprises, notably Bitget, which has garnered acclaim as one of Africa’s preeminent unicorns. Recognized for its significant impact on the blockchain landscape, Bitget emerges as a leading entity among the funded blockchain enterprises in the initial half of 2024.

This report reveals an intriguing shift: Africa’s share of global blockchain deals surged to a historic peak of 1.8% in the first half of 2024. Despite a year-on-year funding decline of 72% and a 45% reduction in deal volume, African blockchain entities amassed $34.7 million across 12 deals, marking a 9% year-on-year increase. Notably, blockchain funding in Africa constituted 6.4% of all venture capital and accounted for 12.5% of the total deals, surpassing global averages.

Africa’s Blockchain Funding Climbs to 1.8% of Global Share in H1 2024

By mid-2024, Africa’s portion of global blockchain venture funding had risen to 1.8%. African blockchain enterprises secured $34.12 million through seven deals, totaling $165 million—showing a 9% increase in deal count but a 70% decrease in total funding compared to the same period in 2023. The average investment per African blockchain venture was $2.2 million, with an average deal size of $2.9 million.

In a broader context, Africa’s blockchain venture activity represents a significant fraction of overall venture funding and deal volume in the region. Blockchain venture funding in Africa constituted 6.4% of all venture funding and 12.5% of total deals, setting a new high. Globally, blockchain funding represents merely 3.5% of all venture capital and 5.9% of total deals.

Scroll Achieves $50M in Latest Funding Endeavor

The report also highlights substantial funding achievements, such as Scroll’s impressive $50 million funding round. Additionally, country-specific data indicates Kenya securing $300,000 while Nigeria obtained $13,003,000. The report underscores the predominance of early-stage venture capital, with 50% of funding in this category, followed by seed rounds at 33.3% and accelerator/incubator funding at 16.7%.

Bitget’s robust presence is underscored by a daily trading volume exceeding $10 billion and a user base surpassing 20 million globally. This immense trading activity attests to the platform’s substantial user traffic and the trust and confidence it commands among cryptocurrency traders.