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This, according to the African Blockchain Report 2021 by Crypto Valley Venture Capital (CV VC) and Standard Bank.

According to another study, crypto-usage on the continent increased by 1,200% from July 2020 to June 2021, making it the world’s fastest-growing region.

The rising interest in the region from venture capital firms predominantly investing in finance-related crypto-startups could lead to an influx of African crypto-unicorns.

The majority of venture capital funding has gone to fintech startups and crypto-exchanges, according to the report.

Blockchain, according to CV VC’s Managing Director for Africa Gideon Greaves, is the continent’s most well-funded sector.

He said, “We see this development as a key enabler for African enterprises, giving them rapid entry to markets by using blockchain as the catalyst to build new businesses.” Meanwhile, venture capital firms recently committed $23 million to the establishment of the Mara cryptocurrency trading platform.

According to Cardano’s Charles Hoskinson, Africa is ahead of the U.S and Europe in adopting blockchain technology.