Crypto Fest, the event dedicated to digital currencies and distributed ledger technology in Africa, is gearing up to unite the community after a period of uncertainty. Over the past year, significant strides have been made, solidifying the understanding and adoption of these transformative technologies across the continent.
The 2023 African Blockchain Report, conducted by CVVC and Standard Bank, reaffirms South Africa’s position as a trailblazer in blockchain innovation and funding within Africa. Startling statistics reveal that African blockchain startups amassed an impressive $474 million, constituting 15% of the total venture funding raised on the continent. Remarkably, this growth rate stands at 12 times higher than the general venture capital rate.
Despite being the fastest adopter of cryptocurrencies globally, Africa still receives a mere fraction (1.8%) of the global blockchain venture funding. This discrepancy highlights a significant opportunity for investors and entrepreneurs to harness the potential of blockchain technology, showcasing its positive impact on the African landscape.
Notably, remittances continue to dominate cryptocurrency usage in Africa, constituting the primary use case, as traditional methods prove costly and time-consuming. Cryptocurrencies provide a swift and cost-effective alternative, enabling individuals to send money across borders swiftly and inexpensively.
Moreover, cryptocurrencies play a pivotal role in promoting financial inclusion across the continent. With infrastructure challenges limiting access to traditional banking services for approximately 57% of the population, cryptocurrencies, accessible through smartphones, offer a viable alternative to conventional banking in Africa.
However, with mass adoption comes concerns about safety, as scammers exploit the rapid growth of the market. Addressing this issue, Crypto Fest will delve into key topics, exploring methods to safeguard digital assets amidst market volatility and uncertainty.
Attendees can anticipate expert insights into potential risks associated with cryptocurrencies and effective strategies to mitigate them. Additionally, discussions will encompass institutional adoption, regulatory considerations, and compliance issues shaping the crypto landscape.
Ticket holders will also gain complimentary access to invaluable crypto workshops facilitated by esteemed partners. Web3 Sanctuary’s “Cryptopia 101: Your Inaugural Dive into the Web3 Universe” will provide attendees with fundamental knowledge about cryptocurrencies and blockchain. Hosted by Devon Krantz, the founder and CEO of Web3 Sanctuary, the session will cover topics such as the distinctions between cryptocurrencies and traditional money, the mechanics of blockchain enabling trustless and decentralized transactions, and real-world applications across various sectors.
Kent Fourie, Co-Founder of Graph, will introduce attendees to The Graph protocol, unraveling the complexities of decentralized APIs and the data layer of Web3. Crypto Fest aims to shed light on the potential economic impact of these emerging technologies in Africa, emphasizing the critical importance of crypto safety for individual investors and the broader economic landscape.
Furthermore, the event will feature a Startup Pitch Competition, providing a platform for the next generation of Web3 innovators to present their groundbreaking ideas before a discerning panel of judges. This initiative aligns with Crypto Fest’s commitment to fostering new developments and bolstering the growth of the crypto industry.
This is an unmissable opportunity to connect with industry leaders, influencers, and enthusiasts, making Crypto Fest 2023 the gateway to Africa’s blockchain revolution.