Four blockchain startups shaping Africa's financial future

Connecting Africa has identified four blockchain startups making an impact not only in the cryptocurrency space but also in sports gaming and water resource management.

Matshepo Sehloho, Associate Editor

November 25, 2024

3 Min Read
Male broker using forex trade exchange statistics on multiple monitors.
(Source: Image by Freepik)

Africa's blockchain ecosystem is evolving from early experimentation to practical applications.

Even though blockchain in Africa is not as developed as it is in global markets, there are local startups using the tech to drive a decentralized and secure financial future, showcasing the continent's potential in the global blockchain field.

Connecting Africa has identified four blockchain startups making an impact not only in the cryptocurrency and financial services space but also in sports gaming and water resource management.

1. VALR (South Africa)

VALR is a cryptocurrency exchange that bridges the gap between traditional financial systems and the world of cryptocurrencies.

Founded in 2018 by Farzam Ehsani and Badi Sudhakaran, VALR has grown to become one of South Africa's leading exchanges offering users the ability to buy, sell, and trade over 60 cryptocurrencies.

 The platform emphasizes security and user experience, featuring advanced security measures such as two-factor authentication and so-called cold storage for digital assets.

 worker hand pointing inventory statistics tablet.

VALR provides a platform for buying, selling and trading a wide range of cryptocurrencies.

Furthermore, the company offers services such as spot trading, instant buy/sell options and advanced trading features for more experienced users.

Related:Blockchain: Underpinning trust in Africa

VALR aims to make cryptocurrency accessible by providing a user-friendly interface and educational resources to help users understand the complexities of digital assets.

The startup has raised $54.9 million in funding, which it plans to use to expand its services across Africa and enhance its platform capabilities.

2. Scorefam (Nigeria)

Scorefam is altering the sports industry in Nigeria by integrating blockchain technology into sports gaming through its play-to-earn model.

Founded in 2020 by Simisoluwa Adeyemo, the company allows users to earn rewards by participating in sports-related games while utilizing non-fungible tokens (NFTs) to enhance engagement.

Following a recent $25 million funding round, Scorefam plans to broaden its services and improve user experiences, demonstrating the potential of blockchain to transform traditional industries into vibrant ecosystems.

3. Ejara (Cameroon)

Ejara provides a platform for saving, investing and transacting using cryptocurrencies and other digital assets.

Founded in 2020 by Nelly Chatue-Diop, Baptiste Andrieux and Tierno Tall, Ejara aims to democratize access to digital investment and savings products.

The platform enables users to save funds and earn up to 5% annual interest, as well as buy and sell cryptocurrencies like Bitcoin and Ethereum.

Utilizing blockchain technology for secure transactions, Ejara allows users to start investing as little as 1,000 CFA Francs (around $1.60).

4. H2O Securities (South Africa)

H2O Securities is at the forefront of using blockchain technology to address water scarcity challenges in South Africa.

Founded in 2021, H2O Securities uses its leasing platform which combines blockchain, the Internet of Things (IoT), to provide secure and efficient leasing solutions.

The company introduced its H2ON token to finance water infrastructure projects by allowing investors to purchase digital tokens representing future water yields.

This innovative approach enhances transparency and efficiency in water resource management while promoting sustainable practices.

By leveraging blockchain technology, H2O Securities demonstrates how financial instruments can be used to solve pressing environmental issues.

The next five years promise significant advancements in Africa's blockchain ecosystem. As regulatory frameworks become more established and technological infrastructure improves, startups like H2O Securities, Scorefam, VALR and Ejara are poised to drive innovation across various sectors.

About the Author

Matshepo Sehloho

Associate Editor, Connecting Africa

Matshepo Sehloho joined Connecting Africa as Associate Editor in May 2022. The South Africa-based journalist has over 10 years' experience and previously worked as a digital content producer for talk radio 702 and started her career as a community journalist for Caxton.

She has been reporting on breaking news for most of her career, however, she has always had a love for tech news.

With an Honors degree in Journalism and Media Studies from Wits University, she has aspirations to study further.

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