- H2O Security is a South African-based blockchain startup that merges web3 with the water supply industry.
- Jambo is a web3 blockchain startup that seeks to develop a “super app” to lead to the prosperity of blockchain adoption in Africa.
- Within 24 hours of operation, Scorefam amassed over 67.192 sakes from its users.
Africa’s web3 adoption rate is steadily recovering from the rippling effects of the FTX crash. Granted, its digital currency adoption significantly declined as more African-based exchanges could not get back on their feet. Fortunately, there is more than one use of blockchain in business. From this simple fact, innovators and entrepreneurs have sought to transform other industries through the flexibility and revolutionary concept of Web3. The blockchain adoption rate in Africa has given rise to new blockchain developments and, in turn, led to numerous applications. This article will highlight the top three fastest-growing blockchain startups in Africa.
Their ingenuity and originality have set them apart from industries such as the Fintech industry and the crypto industry. Their current fame and fortune showcase how developers can easily integrate blockchain into numerous sectors expanding its applicability exponentially.
High Rate of African Blockchain Startups
With the success of Bitcoin came the creation of Altcoins such as Ethereum, Cardano and Polygon. Each took notice of the high adoption rate of digital currency among African crypto traders. Their success, in turn, expanded the use of blockchain, which led to the first mention of a decentralized network in 2014, web3.
At this point, it became clear that web3 had plenty to offer. In addition, the use of blockchain in business grew, and other industries soon started integrating this revolutionary concept’s services. This led to increased blockchain adoption worldwide and more so in Africa.
Soon developers interacted with decentralized networks in hospitals for seamless medical databases. Agriculture also benefited from the decentralized network by establishing a communication link between farmers and insurance companies. Today some blockchain developers claim that despite its numerous applications, we have only scratched the surface of the decentralized network.
Also, Read South Africa’s H2O securities using blockchain to control the water shortage.
Africa’s web3 adoption rate is soaring and owes plenty of its newfound fame to its initial elements; NFT, crypto and dApps.
NFT and cryptocurrency are the forerunners who introduced the concept of blockchain adoption in Africa. Fortunately, in time, decentralized applications soon grew. According to the African Union Development Agency, blockchain has played a significant role in the digital transformation of Africa.
Despite its reasonably new nature, it has rapidly increased its rate of digitalization, and today, it sunspots one of Africa’s largest growing economic activities; the Fintech Industry and eCommerce. Furthermore, they claimed that the ever-growing African blockchain startups it has effectively enhanced service delivery and promoted financial inclusion. It has the power to connect and fund the dispersed African community.
Fortunately, here reses some innovators and entrepreneurs within the continent that have sought out a different path.
Top three African blockchain Startups
These three companies are different from the rest due to their innovation and use of blockchain. Currently, most blockchain developers only see the technology as an excellent way to introduce a new financial system, and unfortunately, this significantly reduces the capabilities of these technology techniques. Fortunately, these three African blockchain startups have shown the world that blockchain technology can enhance and even introduce new economies.
The top three youngest and fastest-growing African blockchain startups include:
- H2O Securities in South Africa
- Jambo in Congo
- Scorefam in Nigeria
H2O securities in South Africa
Unsurprisingly, the top among the three hails from the Southern-most African country. SA has had the highest web3 adoption rate in Africa for the past decade, and the government’s willingness to adopt the use o blockchain in business has significantly increased blockchain adoption.
This African blockchain startup aims to develop a functioning and decentralized water supply system that ensures each citizen can access a proper water outlet. To accomplish this feat, the organization has expanded its very decentralized network, H20 Water Network, and applied a token strategy, H20N Token.
Julius Stey founded this division in South Africa after two facts became. The first is the consistency in Africa’s web3 adoption rate, and the second is South Africa’s readiness to adopt and embrace blockchain in business. Thus when it registered with the ETSS, it provided the same ecosystem to launch a decentralized network.
Also, Read Nigeria: The future of Web3, crypto ahead of 2023 elections.
Innovative Concept
The H20 Water Network is an innovative blockchain-based solution that combines finance, infrastructure and expertise in the deployment and operation of our plants. The network uses blockchain technology to automate and increase the efficiency in the deployment and operation of water plants.
Julius founded the organization in 2021 and, within the same year, developed its native token on the Binance Smart Chain. Soon it was listed on the Coin Market Cap in May 2022. Its rudimentary application in the water supply industry has attracted numerous investors and clients from all over Africa. Global Emerging Markets (GEM) led a $150 million investment placing the organization as one of the fastest-growing blockchain startups in Africa.
Julius stated that their Initial decentralized listing was the turning point of their African blockchain startups. With an initial listing price of about $0.75, it acquired a trading volume of $100,000. Its rapid adoption growth soon increased the value of its token to $5 within less than an hour of operation. Despite its initial high rate, the FTX crash affected it, reducing its value to $0.011575. Despite this, the organization believes it can recover fully and gain its initial glory one day.
Jambo
Africa’s blockchain adoption has influenced innovators to try out new technology concepts. Jambo, a Congo-based blockchain startup, is among the few that fully dived into the idea. It is a startup focused on building Africa’s we3 user acquisition portal. Jambo intends to expand the Web3 community in Africa through a “learn, play and earn” strategy that democratizes access to crypto-based income generation opportunities.
It combines education and collective access to web3 play-to-earn games to lower entry barriers. In addition, it also grants access to a curated blockchain network that supports decentralized applications. Its mission and vision caught the eye of Paradigm, a San-Fransciso-based investment firm.
It led its series A funding of $30 million, setting the path of greatness for the company. Since then, the organization has expanded its reachability throughout Africa. The funds have led to the organization building its ideal Wen3 Super, eventually providing all the necessary Web3 equipment such as crypto, NFT and workspace for blockchain developments. At the end of 2022, the organization acquired $37 million, securing second place in its listing.
Also, Read Blockchain startups are on course to make Africa a crypto continent.
Scorefam
Nigeria stands at the pinnacle of Africa’s web3 adoption rate as the country relentlessly defends its title from its competitors. This country has dominated the crypto space for some time now, and its NFT artists have claimed one of the top earning rates in the world.
Thus it is no surprise for a blockchain startup to find its way among the top ratings. Scorefam is an African blockchain startup that has embraced Africa’s love for the sport and new technology. The company has established a functioning blockchain sports gaming platform that has lured numerous sports lovers from all over.
In doing so, the organization designed a platform that enabled users to stake a present football game and earn a specified amount of digital currency. Both founders launched a Minimum Viable Product within their platform to make their system enjoyable.
Rapid growth Rate
The merge between the blockchain-based design and the gaming industry developed an airdrop-infused system into an MVP. Fortunately, their tactic paid off significantly. Within 24 hours of operation, it amassed over 67.192 sakes from its users. This set the trajectory of their system, seeing it apart from the competition. Like any other blockchain application, Scorefam has its native token called the Scorefam Token or $STF.
Soon enough, their application of blockchain technology caught its most deserved attention. Investors worldwide contacted both founders to establish a relationship that would build the foundation of its current state today. In addition, notable brands such as Chain Link, TDeFi, and Sportmonk soon supported their efforts to increase blockchain adoption in Africa.
As a result, the organization steadily expanded its user base. Today the organization is affiliated with over 200 football leagues in the world. In 2022, Scorefam attained $25 million in Series A funding from GEM digital limited.
According to Adeyemo, this funding will significantly further boost its technical capabilities and expand its market to other parts of Africa. Its integrated blockchain capabilities and user-friendliness set it apart from its competition.
Also, Read Revolutionizing social media: Blockchain technology redefines the media Industry.
Conclusion
There are several African blockchain syrups today, which are only steadily growing. Africa’s fintech industry has seen the growth of many blockchain developers. Fortunately, aside from transforming our financial system, it has also led to the worth y contributions to other industries. The use of blockchain in business is steadily growing within the continents. It’s only a matter of time before blockchain technology becomes the standard requirement of the digital and business world.
