This Week in Tech: Africa fell in love with crypto. Now, it’s complicated
The African crypto industry may be facing a challenging period but there is still reason for optimism and the potential for future growth
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Rest of World explores the challenges facing Africa's burgeoning crypto industry, which has experienced a downturn in recent times. While there was initially great promise and enthusiasm for crypto in Africa, regulatory obstacles, technological barriers, and a lack of funding have dampened its growth.
The article delves into the current state of the African crypto landscape, highlighting the emergence of peer-to-peer trading platforms and government-backed digital currencies and the relationship between “Africa and crypto”; sad. It provides valuable insights for those interested in the intersection of technology and finance in Africa.
While the African crypto industry may be facing a challenging period but there is still reason for optimism and the potential for future growth. - Samson
Google Cloud broadens Web3 startup program with 11 blockchain firms
Technology conglomerate Alphabet has expanded the Google for Startups Cloud Program. As of April 25, the program now includes Web3 firms such as Alchemy, Aptos, Base, Celo, Flow, Hedera, Nansen, Near, Polygon, Solana and Thirdweb. The same day, blockchain analytics firm Nansen announced that it has partnered with Google Cloud to provide real-time blockchain data for startups. Its database currently contains over 250 million wallet labels. Cointelegraph
This Botswana-based AI startup is looking to revolutionise marketing in Africa. Here is how they plan to do it
Initially founded in 2018 as “Seriti Insights” which was a software consultancy firm, Seipone.ai made a full pivot to AI in April 2022, deciding to focus entirely on its enterprise AI SaaS product. This move is further explained by co-founder and CEO Nomsa Makgabenyana in an interview with TechCabal.
Capria Announces First Close of its Global South Fund II
Capria Ventures, a Global South specialist firm investing in early-growth Global South startups, has announced the first close of its target of $100m fund. This first close reflects the confidence of previous institutional investors, including OIP Investment Trust and Gates Ventures as well as numerous foundations, individuals, and family offices, including Crystal Springs Foundation, Sall Family Foundation, Brakeman Family Trust, and two founders of Pioneer Square Labs. Africa Global Fund
Investing in Africa is profitable, African Development Bank President tells Japanese investors
Dr. Adesina is leading a Bank delegation on a five-day visit to Japan during which he will meet senior government officials, large Japanese companies, development partners and members of the African diplomatic corps in the country. Adesina pointed out that Japan’s foreign direct investment in Africa declined from $10 billion in 2016 to just $4.7 billion in 2020 during Covid-19 but recovered to $6 billion in 2021. Africa accounts for only 0.003% of Japan’s $2 trillion global foreign direct investments. In terms of trade, the volume of exports and imports between Africa and Japan remains lower than 2%. AFDB
A near-total collapse of internet connectivity in #Sudan
Confirmed: Real-time network data show a near-total collapse of internet connectivity in #Sudan with national connectivity now at 2% of ordinary levels; the incident comes as foreign diplomats are evacuated amid fighting between military and paramilitary forces. Netblocks
Africa fell in love with crypto. Now, it’s complicated
Some 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. “You could be in Kenya building a healthy product, and your potential user wakes up to the news of an FTX crash. To them, that’s a crypto problem,” Michael Kimani, founder of the Blockchain Association of Kenya, told Rest of World. FTX’s fallout is also causing more regulatory pushback globally, he added. Rest of World
TikTok creators are being arrested for violating religious laws in Nigeria
Over the past two years, Nazifi Isa Muhammad and his friend, Mubarak Muhammad, had collectively built a TikTok following of nearly 1 million. The duo was known for popular videos that often satirized and questioned influential figures. They told Rest of World that because of the nature of their videos, they sometimes received threats of arrest. Rest of World
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