Over 25 million Nigerians hold crypto assets, yet Web3 startups are underfunded. Why?
In Nigeria, digital currencies are more than a novelty. Over 25 million Nigerians are turning to crypto, with stablecoins, in particular, leading a shift in how people send, store, and spend money. From peer-to-peer remittances to cross-border business payments, stablecoins like USDT are becoming staples of everyday transactions.
Yet, despite this adoption, venture capital (VC) funding is drying up. According to a report by Hashed Emergent, an India-based Web3 VC firm, surveying the Nigerian Web3 landscape, startups in the sector—ventures founded, owned, and operated by local founders—raised just $20 million in 2024, down slightly from $22 million in the previous year.
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