Crypto Fest 2023: Africa to gather for blockchain innovation

Attendees are set to engage with experts at Crypto Fest 2023, exploring the future of digital currencies in Africa. Photo: Supplied
Attendees are set to engage with experts at Crypto Fest 2023, exploring the future of digital currencies in Africa. Photo: Supplied

Crypto Fest, a leading event for digital currencies and distributed ledger technology in Africa, is making a grand return on Friday, 24 November, uniting the community after a period of uncertainty. In the wake of unprecedented growth in the adoption and understanding of blockchain technology, organisers promise a beacon for enthusiasts and investors alike.

The recently released 2023 African Blockchain Report, a collaborative effort by CVVC and Standard Bank, highlights South Africa’s prominence in blockchain innovation and funding on the continent.

According to the report, African blockchain start-ups have successfully raised an impressive $474 million, constituting 15% of the total venture funding garnered across the continent. This growth rate, an astonishing 12 times higher than general venture capital, underscores the potential and enthusiasm surrounding blockchain technology in Africa.

However, despite being the fastest-adopting continent for cryptocurrencies, Africa only receives a fraction (1.8%) of global blockchain venture funding. This disparity emphasises the immense opportunity for investors and entrepreneurs to harness the potential of blockchain technology in Africa, bridging the gap between potential and realisation.

In the African context, cryptocurrencies have found substantial traction in remittances, offering a rapid and cost-effective alternative to traditional methods. With a significant portion of the population engaged in international migration, cryptocurrencies provide a swift and economical means to transfer money across borders, reducing both time and expenses.

Moreover, cryptocurrencies are acting as a catalyst for financial inclusion in Africa. With infrastructure challenges limiting the accessibility of traditional banking services to approximately 57% of the population, cryptocurrencies present an accessible alternative.

Requiring nothing more than a smartphone, these digital currencies empower millions to engage with blockchain networks, opening the door to financial services previously out of reach.

However, this widespread adoption has not come without its challenges. The market is rife with scammers seeking to exploit the rapid growth. Consequently, one of the key focal points of Crypto Fest 2023 will be ensuring the safety of digital assets in this volatile landscape.

Industry experts will guide attendees on mitigating risks associated with cryptocurrencies, imparting invaluable knowledge on investment strategies, institutional adoption, and the regulatory landscape.

Purchasing a ticket for Crypto Fest not only grants access to the event but also offers attendees free entry to workshops conducted by esteemed partners. For instance, Web3 Sanctuary’s Cryptopia 101 workshop will provide attendees with fundamental insights into cryptocurrencies and blockchain.

Participants will delve into the basics, understanding the distinctions between cryptocurrencies and traditional money, exploring the concept of blockchain and its facilitation of decentralised transactions, and examining the various applications in diverse sectors and industries. This session, hosted by Devon Krantz, the CEO of Web3 Sanctuary, promises to be enlightening.

Kent Fourie, co-Founder of Graph, will introduce attendees to The Graph protocol. The workshop will unravel the complexities of decentralised APIs and the data layer of Web3, shedding light on the intricacies of this transformative technology.

Furthermore, Crypto Fest 2023 will host a start-up pitch competition, providing a platform for the next generation of Web3 innovators to present their revolutionary ideas. Judged by an experienced panel, this competition aims to nurture new developments, fostering growth within the crypto community and propelling the industry forward.

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