So, Web3 investment across Africa has taken a noticeable dip recently. It’s a bit of a head-scratcher, especially when you consider how young the population is over there. But that’s the reality of it—funding has slipped from a high of $474 million just a couple of years back to around $122 million now.
Maybe that’s why groups like The Hashgraph Association are stepping in. They’re trying something new—or not new, really, but persistent. A hackathon. They launched it back in May, hoping it might help build out a stronger foundation for crypto and decentralized finance projects.
More Than a One-Time Event
According to Kamal Youssefi, who leads the Swiss-based non-profit, this isn’t meant to be a flash in the pan. The idea is to create something lasting. They’re calling it a “permanent platform,” which sounds ambitious, but they seem committed.
They’re aiming to work with over 10,000 developers, students, and entrepreneurs across 15 African countries. And the support isn’t just for show—winning projects could get a piece of a prize pool that’s already past $1 million. The top team gets a million dollars alone. That’s serious backing.
But it’s not only about the money. Participants get training through the Hedera Academy, and successful teams receive mentorship blending business know-how with technical support. It’s a practical approach, which might be what’s needed.
Working With Governments, Too
Interestingly, THA isn’t just working in isolation. Youssefi mentioned they’re in talks with several African governments—like in Nigeria, Kenya, South Africa—especially those focused on digital reform. They’re helping set up technical infrastructure and pushing education in Web3.
That kind of alignment with national strategies could make a difference. It’s one thing to run a hackathon; it’s another to have ministries involved.
Not Picking Sides
Even though The Hashgraph Association is built around Hedera technology, Youssefi was clear—they aren’t excluding projects built on other protocols. He stressed the importance of interoperability, saying different platforms will need to work together eventually.
That’s a pragmatic view. The council already meets to look for collaboration opportunities. It feels less like promotion and more like genuine ecosystem building.
Whether this turns the investment trend around is still unclear. But it’s a structured effort—and right now, that might be what matters most.
