Africa fell in love with crypto. Now, it’s complicated

Amid waning consumer trust and regulatory pushbacks, African crypto startups are dealing with the lack of venture dollars needed to gain competitive advantage against local and global counterparts.

Chiamaka, a former product manager at a Nigerian cryptocurrency startup, has sworn off digital currencies. The 22-year-old has weathered a layoff and lost savings worth 4,603,500 naira ($9,900) after the collapse of FTX in November 2022. She now works for a corporate finance company in Lagos, earning a salary that is 45% lower than her previous job.

“I used to be bullish on crypto because I believed it could liberate Africans financially,” Chiamaka, who asked to be identified by a pseudonym as she was concerned about breaching her contract with her current employer, told Rest of World. “Instead, it has managed to do the opposite so far … at least to me and a few of my friends.”

Click for the full article at Rest of World

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